“Before anyone asks, no, the board did not discuss an interest rate cut at this meeting — it only discussed a raise and a stay.” Interest rates were last left on hold at the June meeting, following three increases in February, March and May. “Somewhat softer labour market and a broadening housing downturn have provided an opportunity for the Reserve Bank to wait and see,” he said. Shadow treasurer Tim Wilson said Labor spending was keeping interest rates high, with the Reserve Bank previously noting government payments were adding to overall demand in the economy. However, the CPI and the underlying, trimmed mean inflation rate of 3.6 per cent in June were both above the RBA target for the 11th consecutive month.