Homeowners can breathe a sigh of relief today, with the Reserve Bank of Australia deciding to keep the official cash rate on hold at 1.5% at its monthly monetary policy meeting. Earlier this year, economists were tipping a rate hike in the second half of 2018, but some have now backtracked on that, expecting governor Philip Lowe to maintain the record-low 1.5% at least for the rest of the year. In a statement after the RBA’s February meeting, Lowe described unemployment reduction and the rate of inflation returning to its 2.5% midpoint of the RBA’s target as just “gradual”, prompting economists to shift their expectations of when a rate rise would be introduced. The RBA also highlighted that wage growth in Australia was still tepid and would only lift with a stronger economy. Read More Here. By, Claire Knox.