The Reserve Bank is expected to maintain current interest rates during its meeting today.

It looks like mortgage holders are in for another disappointment as the Reserve Bank of Australia announces its decision on interest rates today. According to economists, the strong job market and robust demand could potentially delay inflation from reaching the RBA's target of 2 to 3 per cent.

RBA Governor Michele Bullock is expected to declare that the cash rate target will remain at 4.35 per cent during the board's announcement at 2:30 pm. This news comes after a report from the Australian Bureau of Statistics showed that about 47,000 new jobs were created in August, keeping the labor market at historically tight levels despite the slowing economy.

The RBA meeting this week also follows the decision by the US Federal Reserve to cut rates by 50 basis points last week, bringing it to 4.8 per cent. However, this is still higher than the RBA's current cash rate target of 4.35 per cent. Nonetheless, Governor Bullock has previously acknowledged that Australia and the US have different rate cycles, so this is unlikely to pressure the RBA into making a cut.

Unfortunately, it seems that mortgage holders will have to wait until early next year for any relief. According to a survey conducted by Finder.com.au, out of 42 experts and economists, all of them agreed that the Reserve Bank will maintain the current cash rate in September. And 68 per cent of those surveyed believe that the next rate cut will happen during the first three meetings of next year, with February 2025 being the most likely date.

It's worth noting that the cash rate has remained unchanged since last November through six RBA meetings. So, it's understandable that mortgage holders are feeling frustrated and disappointed. But don't worry, we've got you covered. Stay updated on all the latest breaking news, celebrity gossip, and sports news by joining our WhatsApp channel. No comments, no algorithms, and your private details will remain private. Stay connected with us!

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