Mortgage holders are tipped to be spared more interest rate pain, but it is not all good news as a deepening housing downturn and cracks in consumer spending hit the national economy. In welcome news for struggling mortgage holders, Westpac predicts November could be the last time the Reserve Bank needs to hike rates. The Reserve Bank has lifted the cash rate in five of its last seven meetings – including on Melbourne Cup Day – to take the official rate from 3.60 to 4.85 per cent, the highest level in 18 years. RBA governor Michele Bullock warned the fifth rate hike would "feel like a recession.
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