No guarantee on 2024 rate cut, Bullock warns
The big four banks have been predicting an interest rate cut in November this year, however, in RBA governor Michele Bullock's eyes, it's not that clear and she had a message to homeowners who have been struggling with a 12-year high rate of 4.35 per cent.
"I hope I didn't give them any impression that there would be an interest rate cut by the end of the year. I certainly don't believe I ever gave people that impression," she said in a press conference.
"I would say to people who are struggling, that I understand they are struggling. Part of the reason they are struggling is not just interest rates, though it's inflation.
"And the best thing that I can do for them is to try and get inflation back down so that they don't have to worry about the prices of their everyday things continuing to go up. That's the best thing I can do for them. I understand the interest rates hurt, but that's the tool I've got, and that's the best thing I can do for them."