The ACTU has welcomed today’s decision by the Reserve Bank to keep interest rates steady, which offers some relief for mortgage holders and renters, in particular, who are struggling under enormous cost of living pressures.
The Reserve Bank has confirmed that its official cash rate will remain at 4.35 per cent.
Quotes attributable to ACTU Secretary, Sally McManus.
“Interest rates remaining on hold is a good thing. But they are still too high.
“Current inflation is being driven by supply challenges, such as housing and petrol, and steep increases in insurance linked to price gouging.
“Lifting interest rates won’t fix these problems, but high rates are hurting renters and mortgage holders.
“The Bank should also remember its dual mandate – to not only act on inflation – but to help deliver full employment so that everyone who needs a job can get one.”
