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The RBA’s big move? No move. Interest rates stay frozen while mortgage holders unfreeze dinner with tears and desperation.

The Reserve Bank of Australia (RBA) made its July announcement, and the big reveal was...

no reveal at all.

Interest rates will remain at 3.85%, despite growing pressure from borrowers, economists, and anyone currently eating two-minute noodles next to a mortgage statement.

Governor Michele Bullock delivered the decision with calm confidence, citing the usual cocktail of inflation caution, economic “lags,” and the oh-so-reassuring phrase: “We’re watching closely.” It’s the central bank equivalent of ghosting someone but leaving the door slightly ajar.

For mortgage holders, the decision means another month of wondering whether their bank’s fixed-rate honeymoon is about to end in heartbreak.

Variable-rate borrowers are already paying hundreds more per month compared to 2022—and while they didn’t get crushed this round, they’re still very much in the economic sauna.

The RBA’s logic rests on inflation trends showing signs of cooling, though wages haven’t kept up and household spending remains sluggish.

Bullock stressed that more data was needed before making another move.

Translation: “We don’t trust it enough to help you yet.” Financial markets had largely priced in a rate hold, but that didn’t stop analysts from furiously refreshing spreadsheets.

One major bank described the call as “measured.” Another called it “noncommittal but safe.” Meanwhile, on the ground, people are measuring their groceries by unit price and deciding between rent or radiators.

It’s the ninth time the RBA has hit pause in the current cycle, and while that might sound like restraint, it follows twelve brutal hikes that squeezed households from every angle.

Interest rates haven’t dropped once since 2020.

That’s five years of tightening belts—and now they’re down to dental floss.

What’s most jarring is the dissonance. On paper, the economy is holding.

But in kitchens and inboxes across Australia, the strain is palpable.

Mortgage stress is rising. Arrears are inching up.

And yet, the RBA remains stuck in cautious mode—unable or unwilling to offer real relief until the numbers give it permission.

So here we are. No cut. No surprise.

Just another month of holding tight, watching inflation graphs, and hoping the central bank eventually blinks.

🏦 Rate: Still 3.85% 📉 Relief: Not in sight 📆 Next review: August 6 🍲 Dinner: Still toast

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