Experts have dismissed the possibility of an interest rate cut before Christmas, advising people to remain patient and hopeful.

Mortgage holders across Australia may have to wait a little longer before they receive an early Christmas present from the Reserve Bank of Australia. The central bank is set to meet next week, and according to a recent survey of economists by comparison website Finder, all 40 experts polled predict that interest rates will remain steady at 4.35 per cent. In fact, nearly half of the experts believe that the first interest rates cut will not happen until next May, with 24 per cent forecasting a reduction sometime afterward.

After a particularly tough year for many Australians, there is some hope that interest rates may be slashed in this financial year. Graham Cooke, head of consumer research at Finder, acknowledges the significant pressure that the cost-of-living crisis has placed on households, especially young Australians who are renting, paying off a mortgage, or raising children. He states, "The good news is that Australians could see a rate cut this financial year. Most experts on our panel expect the first cut to occur within the first three meetings of next year."

Shane Oliver from AMP, one of the experts polled by Finder, predicts a May cut but also believes that the current economic conditions give the RBA room to make an earlier reduction. He notes, "With inflation trending down and weaker than expected growth, we think the RBA should cut earlier and there is still a high chance of a February cut."

The panel of experts also offered their personal economic advice for the upcoming year. Some, like Richard Holden from the University of New South Wales, simply advised to "Pray." Others, like Peter Boehm from Pathfinder Consulting, gave more detailed guidance, stating, "Save and don't spend. Focus on essentials and not the nice to haves. Teach your children the basics of financial management including how to save."

For those considering buying property, Matt Turner from GSC Finance Solutions suggests making a move now before the expected rate cut. He explains, "We are certainly getting a feel from our client base that there will be renewed optimism in the property market once that first cut hits, and it will definitely be a mental barrier to bring buyers back to the market."

Despite the current economic challenges, more than half of the experts polled believe that the majority of Australians will be financially better off next year. To stay updated on the latest news, sport, politics, and weather, download the 9NEWS app, available on the Apple App Store and Google Play. Stay informed and receive notifications straight to your smartphone.

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