The Reserve Bank of Australia (RBA) is widely anticipated to keep the nation's cash rate steady for the third month running when it hands down its interest rate decision at 2.30pm today.
In what will be Governor Philip Lowe's final meeting, the central bank will assess whether the rate of inflation in Australia is falling fast enough to justify keeping interest rates on pause.
Currently the consumer price index – largely regarded as the measure of inflation – is tracking at 6 per cent. The RBA has long maintained its guidance that it would like inflation to return to between 2 and 3 per cent.
Interest rates have been steady at 4.1 per cent since June this year, following an unprecedented 12 interest rate hikes in nearly as many months.
Canstar's editor-at-large and money expert Effie Zahos said there were several factors that would influence the RBA to keep rates on hold.
"It looks like Governor Philip Lowe may be able to exit quietly and keep the cash rate on hold in September," she said.
"A drop in retail spending, softer job numbers and weaker than expected wage growth should see the Reserve Bank hold off on a rate hike this month.
"The rate pause will give borrowers another opportunity to reflect on what interest rate they are paying and whether or not they can find a better deal."
Despite market expectations of a pause, economic experts are warning thousands of homeowners are yet to feel the true pain of the rate rises which have already been handed down.
Sally Tindall, research director at RateCity.com.au, said it wasn't just the mortgage repayments but the soaring cost of all other household expenses which are really squeezing Aussie families.
"For most families, the 12th RBA hike issued back in June has only just detonated in their budget," she said.
"It's yet another test of their finances that some households won't be able to clear.
"If your finances are impossibly tight, attack your budget with a fine-tooth comb.
"Any savings you can find will help you determine whether you can make ends meet or need a plan B.
"Whatever you do, don't suffer in silence. Pick up the phone and call for help."
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