The RBA left the cash rate unchanged at 4.35%, marking the first pause of 2026 after three consecutive hikes earlier this year.

On the surface, that gives households a little breathing room.

But this was not a “job done” message from the Board.

The RBA noted that inflation remains too high, with both headline and underlying inflation still elevated. It also pointed to global pressures, including oil and commodity prices, which remain higher than before the Middle East conflict began.

In other words, yes, rates are on hold. But no, the RBA has not ruled out doing more if inflation remains sticky.

For mortgage holders, today’s decision means there is no immediate increase to repayments as a direct result of the RBA announcement.

That is the good news.

The less comfortable news?

The cash rate is still sitting at 4.35%, and the impact of this year’s three hikes is still flowing through household budgets.

For a borrower with a $700,000 variable-rate mortgage, the cumulative 75 basis points of increases this year could add hundreds of dollars to monthly repayments, depending on their loan structure, rate and remaining term.

That’s why now is a very good time to check whether your mortgage is still competitive.

That might be as simple as calling your bank and asking for a rate review. But if you’d like a clearer picture of what else may be available, our Mortgage Broking team at Empower Wealth can help you compare the market and review your current loan.

Because when rates are this high, “set and forget” can quietly become very expensive.