Many Australians are hoping for interest rate cuts, but they may have a long wait. Despite rising mortgage stress and hardship requests, the Reserve Bank of Australia (RBA) is unlikely to lower rates soon. Markets see slim chances of a cut in December or February, with more optimism for a small reduction by mid-2024.
However, the RBA warns that even future cuts will likely be modest, as Australia's rates remain less restrictive than other nations. A stronger labor market is a silver lining, but inflation and cautious policies mean borrowers shouldn’t expect major relief anytime soon.
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