The Reserve Bank of Australia is widely expected to keep interest rates on hold at today’s board meeting.

The prediction will come as a relief to Aussie households, which are struggling to keep up with the rising cost of living.

If paused, it would mean the cash rate would remain unchanged at 4.1 per cent.

However, there is a 10-1 chance a rate rise could be on the cards as soaring global oil prices continue to boost inflation.

It’s the first interest rates decision to be overseen by new RBA boss Michelle Bullock, who took over from Governor Philip Lowe earlier this month.

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