Based on the release of economic data last week showing that the growth in the Australian economy has fallen behind many of the world's advanced economies and consumer data released last week also showed the biggest drop in retail sales since July 2009.
Each 0.25% interest rate rise adds another ~$50 to the monthly cost of an average Australian mortgage. The official interest rate is now 4.75%.
Mortgage holders on variable interest rates are being charged a standard variable rate of around 7.83% by their lenders.
Rates will now remain on hold until at least February 2011.
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