Brisbane news live: Crunch time for borrowers as RBA unveils rate call

Anthony Albanese’s hopes of holding onto a string of mortgage-belt seats across the nation’s capital cities could hinge on the Reserve Bank delivering the first cut in official interest rates in almost five years amid warnings the institution will undermine its reputation if it does not move.

The RBA board will conclude its two-day meeting today, and financial markets and most economists expect governor Michele Bullock to announce a quarter percentage point cut in the official cash rate, which has been at 4.35 per cent since November 2023.

A 0.25 percentage point cut would, if passed on in full, reduce repayments on a $600,000 mortgage by $100 a month. Since the bank started lifting rates before the 2022 election, repayments on that mortgage have risen by almost $1500 a month.

We’ll have full coverage of the decision when it’s published at 2.30pm, and you’ll also be able to watch RBA governor Michele Bullock’s subsequent press conference in the live blog.

Read more about what’s at stake here.