Reserve Bank of Australia (RBA): 50 basis points (bps) Over Time, the rise will help with the return of inflation to target.

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.

June 07, 2022 - 11:41 AM 277 views

Reserve Bank of Australia (RBA): 50 basis points (bps) Over Time, the rise will help with the return of inflation to tar

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© Reserve Bank of Australia (RBA): 50 basis points (bps) Over Time, the rise will help with the return of inflation to tar

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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.

 

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