Rate hike expectations after RBA meet

In the October monetary policy meet, the RBA reiterated its decision to keep the cash rate at ten basis points till 2024. Given the current scenario, experts are speculating over the viability of RBA’s set timeline regarding interest rates. Westpac has recently increased fixed rate home loan rates. The RBA or Reserve Bank of Australia, in its October Monetary policy meeting, reiterated its intentions of keeping the cash rate low at ten basis points till 2024. The central bank does not expect the economic conditions to become apt for an interest rate hike prior to 2024. One of these conditions includes achieving inflation within a target range of 2 to 3 per cent.