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This month’s interest rate decision was widely predicted however, as interest rates have already dropped by 75 basis points in the last two months.
Last month the Reserve Bank decided to drop interest rates by 0.25 per cent and there was a 0.5 per cent cut in May.
There are mixed opinions over when the next interest rate cut will occur. Cutting the official interest rate has a massive impact on the Australian economy and many economic forecasters believe that the Reserve Bank will wait and observe the effects of the previous interest rate cuts before deciding to drop rates again.
There are some economists however who believe that an interest rate cut could be as soon as next month.
Whether interest rates remain on hold for months or drop soon, current interest rates are at historically low levels, which is great news for mortgage holders.