At its monthly meeting today, the RBA once again has decided to raise Australia’s cash rate by 50 basis points, taking it up to 1.85%, with predictions of more hikes to come over the coming months.
As stated in Domain’s article today, in a statement by RBA governor Philip Lowe, recent increases in interest rates were required to bring inflation back to target, while also flagging further rate rising in coming months guided by incoming data and the RBA’s inflation outlook.
The federal Labor government has predicted that headline inflation will grow further and peak at 7.35 per cent, with the economy’s growth just three per cent next year and two per cent in 2024, while unemployment will rise to 3.75 per cent by mid-2023. There are few signs of any meaningful wage growth.
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