At its October meeting, the Reserve Bank of Australia (RBA) left the cash rate on hold for the fourth meeting in a row at 4.1%.
The pause in interest rates over the last four months comes after the biggest interest rate increase cycle (400 basis points over 14 months) since the late 1980s.
The rate increases since April last year mean that a variable rate borrower with a $600,000 mortgage will have seen around $1,300 a month added to their mortgage payments. That’s $15,600 a year!