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Interest rates held for 11th month

The Reserve Bank followed expectations and kept interest rates unchanged once again, a welcome decision for property investors Australia wide.

Homeowners have received another reprieve on interest rates this morning with official rates on hold at 5.5 per cent for the 11th consecutive month today.

The bank board met yesterday and announced the changes at 9.30am this morning.

A statement on the RBA's website said: "At its meeting on 7 February, the Reserve Bank Board decided to leave the cash rate unchanged at 5.50 per cent."

But the good news for homebuyers may not last for long, with high petrol prices expected to keep the pressure on inflation which could flow on to a jump in interest rates later in the year.

Official rates were last increased by 0.25 of a percentage point in March 2005 to rein in inflationary pressures from a booming housing market.

- interest, reserve, market

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