Despite many analysts warning of the possibility of an interest rate rise, the Reserve Bank ruled at its February meeting to keep the official rate on hold at 0.10% and reiterated that rates will not rise “in the near term”.

Mortgage Choice CEO Susan Mitchell says RBA Governor Philip Lowe has ruled out a cash rate rise until national wages growth is “materially higher than it is currently” and is keeping to that promise.

Bluestone economist Dr Andrew Wilson describes the constant speculation of an upcoming official interest rate rise as “clearly nonsensical”, while Real Estate Institute of Australia president Hayden Groves also doesn’t expect rates to move any time soon, particularly in light of the latest CPI numbers.

He says the CPI increase of 1.3% in the December Quarter and 3.5% for the year points towards relatively stable monetary settings for the rest of 2022. Speculation of an interest rate rise has done little to dampen the property market, with CoreLogic data showing house prices rose another 1.3% in January.