June 07, 2022 - 11:41 AM 277 views
According to Reuters, the Reserve Bank of Australia (RBA) released the monetary statement and here are the important headlines, as presented by the RBA governor, Philip Lowe.
· Inflation in Australia has been significantly boosted.
· Committed to doing what is necessary in order to ensure that inflation in Australia rebounds to the target over time.
· High rates for electricity and gas and the latest hikes in petrol prices mean that inflation will be higher than predicted one month ago.
· The size and timing of the future interest rate hike will be directed by the incoming data and the board’s assessment of the inflation viewpoint and the labour market.
· The current hike in interest rates will aid in inflation returning to target over time.
· The Australian economy is strong.
· The strong Australian economy and the greater inflation rate suggest that this amazing support is no longer needed.
· Board anticipates taking the additional steps to normalize the monetary conditions in Australia over the next few months.
· In the recent months, the house rates have been decreased in a few markets and remains 25% higher than proceeding to the pandemic.
· How household spending evolves is one source of uncertainty regarding the economy's future.