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The bank rate – which is the benchmark interest rate – is expected to fall further, according to independent forecasters at the Office for Budget Responsibility.

Other lenders have also been lowering their rates ahead of a hoped-for central bank rate cut in August.

Central bank rates - and the rates on new mortgage deals have generally shot up over the last couple of years.

The famous Melbourne Cup horse race runs on Tuesday, but some of the shortest odds are on an Aussie central bank rate hike over in Sydney that day.

Higher central bank rates are the typical medicine against inflation that’s too high.