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The Guardian - AU
The Guardian - AU
National
Peter Hannam Economics correspondent

RBA interest rates: banks split on future rate hikes as uncertain economic outlook prompts pause

RBA Reserve Bank of Australia United States Interest Rates Philip Lowe Inflation
People walk past a real estate agency in Melbourne
The official cash rate was left on hold at 4.1% after the RBA board meeting on Tuesday, giving borrowers a reprieve. Photograph: William West/AFP/Getty Images

Australian borrowers have had a reprieve after the Reserve Bank paused its interest rate hikes for only the second time in the past 14 meetings, giving the central bank more time to assess the state of the economy.

The RBA left its official cash rate at 4.1% on Tuesday, which is still the highest level in 11 years. Economists had been divided in their forecasts, with about half predicting the pause and the others expecting another 25 basis point increase.

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