Sydney man's punt on the RBA pays off

Although many home loan customers will have been hoping that the Reserve Bank of Australia (RBA) would cut interest rates this month, one Sydney punter will be very relieved they kept them on hold.

The AAP reported that one plucky gambler has relieved Centrebet of $5,400 after betting $45,000 on the RBA keeping rates on hold.

In April, the same man had put $90,000 on the same outcome and walked away with a cool $30,000.

This time around Centrebet was a little more cautious with the odds, offering a slim return of $1.12.

The decision to keep interest rates had been widely expected, with RBA governor Glenn Stevens confirming that the bank was optimistic about early signs of recovery and would leave rates as they stand to create room for manoeuvre further down the line.

Rates have been on hold since April, when the RBA enacted a 25 basis point cut, bringing the cash rate to an even three per cent.

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