NAB's new chief executive Andrew Irvine has given a sense of clarity to Australian homeowners, saying he expects an interest rate within the next seven months.
Speaking exclusively to 9News, Irvine revealed while rates could come down in November, the RBA may wait until 2025 to make its first cut.
"The Australian economy is proving to be pretty resilient," he said.
"Inflation is proving to be a little bit stubborn, particularly services inflation. We will have to see how things play out.
"Our view as a bank is that we won't see rates go up, hopefully that gives some comfort to people but it will still be a while until we see them come down, our guess is maybe November but that could easily turn into February.
"That all depends on inflation."
NAB announced today that it had reported a 12.8 per cent drop in cash earnings to $3.5 billion for the six months to March.
It's the first results for Irvine, who took charge of the nation's second-biggest bank at the start of last month.
He said it's been "so far so good", since taking over from former boss Ross McEwan.
"The bank is going okay, when I talk to our customers most are getting by, they aren't having fun but they are getting by and those who are struggling we are helping them," Irvine said.
