In one of his last acts as RBA governor, Dr Philip Lowe is expected to deliver good news to millions of Aussies by once again keeping interest rates on hold at 4.1 per cent.

Today’s decision would mark the third month in a row interest rates have remained on hold, with the last hike occurring in June.

It will provide yet more relief to borrowers who have struggled to keep up with home loan repayments after stomaching 12 rate rises since last May.

The Finder cash rate survey also revealed that two-thirds of economists believe interest rates have hit their peak and they do not foresee any further increases.

Graham Cooke, head of consumer research at Finder, said the survey results would be “music to the ears of mortgage holders”.

The expected pause comes after weaker than forecast inflation figures, news that will also have millions of Aussies sighing in relief.

The latest Consumer Price Index figures, released by the Australian Bureau of Statistics, show annual inflation eased to 4.9 per cent in July, down from 5.4 per cent in June.

Market expectations were that inflation would only fall to 5.2 per cent in July.

But Mr Cooke said risks still remain in the economy.

“Despite a growing sentiment that the cash rate has peaked, mortgage holders need to remain on guard,” he said.

“Escalation in Ukraine, continued slowdown in China or a change in inflation could see the RBA lifting in the coming months.”

Among the one-third of economists forecasting a further rise before 2023 is Alan Oster, the chief economist at NAB, who predicts rates will increase by another 0.25 per cent to hit 4.35 per cent before the end of the year.

The other three ‘big four’ banks believe rates have peaked.

But views on when interest rates will begin to fall – and Aussie households will get real relief – are more mixed, with economists predictions ranging from March 2024 to late 2024.

Future interest rate decisions will come under the purview of new RBA governor, Michele Bullock, who takes over in the top job from Dr Lowe on September 18.

The government opted not to re-appoint Dr Lowe for a further term as RBA governor after he provided incorrect guidance to Australians that interest rates were likely to remain low until at least 2024.

Research company Roy Morgan said that in July, 1.5 million mortgage holders were ‘at risk’ of defaulting on their home loans and that a 0.25 per cent increase in the cash rate today would plunge another 81,000 households into the ‘at risk’ category.