The cash rates are tonight on hold, a huge sigh of relief for tens of thousands of South Australian mortgage holders. It's only the second time the Reserve Bank hasn't hiked the cash rate in 15 months, but economists warn there is more pain to come.
The cost of living is hurting, working mums, concession card holders, even a CEO. They're all turning to Hard and Sol's Food Relief Centre, including its founder. People that haven't had to use our services before are now coming in.
In fact, in the last 12 months she says she's had a 40% increase in clients known as the working poor, those that have full -time jobs and mortgages, but still can't pay the bills.
This has saved us in a big way. It's hard to go to family or friends or anyone because everyone, you feel like they are going through their own struggles. The pain mainly stems from 12 interest rate rises in 15 months. Today though, they helped.
For many Australians, some much needed relief. The cash rate is staying at 4 .1% for now, but loan holders are warned. I would still be expecting another one or two rate rises over coming months.
The pause follows a sharp drop in monthly inflation to 5 .6%, rewarding our spending cuts. It is still higher than we'd like and we want to see it moderate further. And even though charities like this are now feeding more and more mouths, they're also
seeing a reduction in donations from both people and businesses. It's just a double -edged sword for us. More people coming in, not enough food coming in. Kimberley Pratt, 7 News.
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