Australian bank tipped to stay pat

The Reserve Bank of Australia board is set to give mortgage holders a Christmas reprieve when it meets today as the mining sector continues to pump huge profits into the Australian economy.

It will be the first board meeting with new member Roger Corbett, whose appointment has been brought forward because of the sudden resignation of Adelaide businessman Robert Gerard.

Analysts are united in expecting the board to keep rates on hold until at least until early next year, with inflation still under control despite high petrol prices.