<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Reserve Bank of Australia (RBA) has left interest rates on hold at 3.85 per cent, defying the expectations of economists and traders alike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The central bank was widely anticipated to cut the cash rate target today, which would have seen interest rates cut in successive meetings for the first time since March 2020.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But in handing down its monetary statement, the RBA Board said it would "wait for more information" before moving the cash rate target.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/radio-host-michael-christian-sues-southern-cross-austero-for-2012-royal-baby-prank/275f5845-e754-4ec0-b876-def26f492ce1"><strong><span>Former radio host sues broadcaster over infamous 2012 royal prank</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Board continues to judge that the risks to inflation have become more balanced and the labour market remains strong," the board said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Nevertheless it remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/reserve-bank-of-australia-july-interest-rate-decision/6082c3d9-4eb8-4b91-98a4-6c0b6c574f69" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It noted that monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation in Australia."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/alan-jones-lawyer-slams-legality-of-police-raid-in-sexual-abuse-case/db411d11-d5aa-406a-a05c-e9c6fa171b88"><strong><span>Lawyer has 'grave concerns' about legality of raid in Alan Jones sexual abuse case</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h2><span>'Soul-crushing' to think relief is coming: Experts</span></h2></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Head of consumer research at Finder Graham Cooke said many buyers were all but relying on an interest rate cut.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There is still a portion of homeowners who are in severe mortgage stress doing it tough," Cooke said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's soul-crushing when you think relief is coming only to find that you need to wait another couple months.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Cut or not, there is still a significant difference between the average and lowest rate available."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>9News finance editor Chris Kohler said today's decision will send experts "back to the drawing board".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're expecting these tight monetary policy conditions to be eased now that we've vanquished, essentially, this inflation demon that we've been battling," Kohler said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Now, not only were the big economists expecting today to be an interest rate cut, but they were expecting multiple rate cuts for the rest of this year, anywhere between one and three more on top of today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"So now they're really going to have to go back to the drawing board and decide what is Michele Bullock's game plan here, what are we doing?"</span></div></div><div class="block-content"><div 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The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.</span></em></div></div>