The Reserve Bank is holding interest rates at the record low level of 0.1% following its last board meeting before PM Scott Morrison calls a federal election. The decision was widely expected despite cost of living pressures shaping up as a key election issue and economists tipping rates could be lifted to 1.75% by the end of the year in an attempt to keep inflation at bay. The central bank’s Governor Philip Lowe said while inflation is continuing to lift, wages growth continues to lag behind. He wants to see unemployment come under 4% and a 3% lift in wages before lifting rates. And according to the latest data from the Bureau of Statistics, consumer confidence has jumped as petrol prices fell below $2/litre across most capital cities. Economists say that’s largely due to a drop in the price of crude oil, rather than the temporary cut to the fuel excise announced in last week’s federal Budget. Not that PM Scott Morrison minded a servo selfie or 2 to celebrate…