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RBA keeps rates on hold at record-low 0.10 per cent

Australia's interest rate remains on hold at the historic low of 0.10 per cent.

The Reserve Bank of Australia (RBA) today met to decide the nation's official cash rate, choosing to keep it on hold at record-low levels as the country continues to battle the COVID-19 pandemic.

The central bank has long advised that it will not increase the cash rate until inflation rises to a sustainable target of two to three per cent.

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Currently inflation is around 1.75 per cent.

In his monetary statement, RBA Governor Philip Lowe noted the impact extended COVID-19 lockdowns are having on large parts of the country.

"The recovery in the Australian economy has, however, been interrupted by the Delta outbreak and the associated restrictions on activity," Mr Lowe wrote.

"GDP is expected to decline materially in the September quarter and the unemployment rate will move higher over coming months. While the outbreak is affecting most parts of the economy, the impact is uneven, with some areas facing very difficult conditions while others are continuing to grow strongly."

Two years ago, in September 2019, Australia's interest rate was sitting at a square 1 per cent.

In October 2019, it was dropped to 0.75 per cent. In March 2020, as the COVID-19 pandemic hit, the RBA made two emergency rate cuts to inspire more lending, dropping the cash rate to 0.25 per cent.

READ MORE: Scott Morrison got exemption to travel to Sydney and back for Father's Day

Finally in November 2020, interest rates hit a rock bottom of 0.10 per cent.

Speaking ahead of today's RBA announcement, Compare the Market's digital banking expert David Ruddiman said changes in the official cash rate are being closely watched by new entrants into the property market.

Many people are looking to implement a strategy to provide a safeguard against future rate rises," Mr Ruddiman.

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"This could mean splitting their home loan into a fixed interest component and a variable interest component that enables them to make additional contributions to pay down their home loan faster while rates are at historic lows.

"This provides borrowers the best of both worlds; stability and predictability of repayments on the fixed component, with the flexibility of being able to focus their repayment efforts on the variable component.

"There has never been a better time for those with a mortgage to consider meeting with a mortgage broker to review their home loan and lock-in thousands of dollars in potential savings."

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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Double-vaxxed mum with COVID-19 shares message from hospital

A North Sydney woman who contracted COVID-19 after getting her second vaccination says her situation proves how vital it is for everyone to comply with lockdown restrictions.

The single mother-of-two, Louise, was admitted to the Royal North Shore Hospital on Sunday after developing chest pains.

The 53-year-old said she was stunned when her COVID-19 test came back positive on Friday and she still has no idea where she was exposed to the virus.

She now faces an agonising wait to find out if she has passed the virus on to her 22-year-old son, Reggie, who has a chronic lung disease.

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Sydney mum Louise, left, and pictured as she is being wheeled along a corridor at the Royal North Shore Hospital.

Speaking to 9News.com.au yesterday from her hospital bed, Louise – who asked for her surname to be withheld – said she decided to get a COVID-19 test on Friday, in an abundance of caution, after developing a runny nose.

"I had a runny nose last Wednesday. I'd had a sinus infection and I thought it might just be that loosening up finally," she said.

Louise said her initial symptoms were also similar to hay fever, which she commonly gets around this time of year.

However, Louise decided to get tested for COVID-19 because she needed to visit an elderly client's home as part of her work as an IT consultant.

"It came back positive, thankfully I didn't go to see her," she said.

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Louise said she had been following all the lockdown and COVID-safe regulations "to the letter" for the past three months, in part because she was so worried about contracting the virus and passing it on to her son.

Louise's son Reggie, pictured with his sister Jessica.

"I've been running and operating my business remotely as much as possible," she said.

"I have ordered all groceries online, I don't drink coffee or go to the shop twice a day to get one, I wear a mask at all times outdoors.

"I don't live in a hot zone, haven't been to a hot zone, haven't been a close contact.

"But somehow I have it."

Louise said she received her second Pfizer vaccination a week before she tested positive, making it possible her immune system was still developing a response to the jab.

Nurses and doctors had been checking in on her regularly via phone since her diagnosis, and, when she reported feeling chest pains on Sunday, she was admitted to hospital.

Tests have cleared her heart of any abnormalities and no clots have shown up on her lungs, Louise said, adding she expected to recover from the virus well.

This morning Louise was released from hospital.

So far all of Louise's family, including Reggie, have tested negative to COVID-19.

Reggie, who is now isolating at his father's home, was born with a chronic lung condition similar to cystic fibrosis.

With a reduced lung capacity of around 45 per cent, he is at severe risk of COVID-19.

"For me to be the one that might potentially give it to him, it's just the most devastating thing … I can barely talk about it without crying," Louise said.

"We have just always thought if he gets COVID he's going to die."

"When he left the house, he was telling me what his dying wishes were," she said.

Louise said her message to COVID-19 sceptics or those skirting lockdown laws because of a misguided sense of entitlement was simple – "just stay at home".

"Go get a vaccine and go back home. And stop trying to think you're clever by finding loopholes. Be sensible," she said.

"It's almost like the reason why I have COVID-19 is that people are not paying attention, and they're not following the rules.

"If we all just followed the rules and did what we were told in the first three weeks when (NSW Premier Gladys Berejiklian) asked us, very nicely, then we wouldn't be in this situation.

"I don't want to be in this situation; I don't want any of my friends to be in it and I certainly don't want my children to be in it."

Louise said her situation should prove to COVID-19 sceptics how real and dangerous the virus was.

"There are some people who think they're so smart, and that they know that this is not true and COVID is not a thing – clearly it is a thing."

Contact reporter Emily McPherson at em********@******om.au.