has kept the nation's official interest rate on hold at the historic low level of 0.10 per cent.
In his monetary statement, RBA governor Philip Lowe noted the property market, but said other variables such as employment and inflation were prompting the bank to hold its hand. "With interest rates at historically low levels, it is important that lending standards are maintained and that borrowers have adequate buffers."Chief Economist at AMP Capital Shane Oliver said he expects interest rates to begin moving upwards from as early as November 2022.
"The RBA is wanting to see improvements in the labour market lift wages growth and drive inflation," Mr Joiner said.
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