Both headline and core inflation are seen remaining above the 2-3% target this year and next before easing to 2.9% at the end of the forecast period in June 2024, the RBA said in itson Friday. The cash rate is assumed to be 1.75% at year’s end and 2.5% at the end of next year, it said.
“Higher labour costs in response to a tight labor market are expected to become the primary driver of inflation outcomes later in the forecast period,” the RBA said. Firms are “now reporting that they are paying larger wage increases or that they expect materially higher wages growth over the coming year.”
Australia’s economy is surging in response to fiscal and monetary stimulus during the pandemic and, like much of the developed world, policy makers are grappling with an inflation outbreak. The central bank raised rates by a larger-than-expected 25 basis points on Tuesday as Governor Philip Lowe pivoted to a more hawkish outlook, just ahead of the Federal Reserve’s half-point hike.
Economists expect the bank to keep hiking this year, with Goldman Sachs Group Inc. forecasting the benchmark will be 2.6% by year’s end. The RBA forecast the economy will expand 4.2% this year, easing to 2% at the end of 2023 as the reduction of stimulus weighs on growth, the quarterly update showed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
BuddyWells1 sdgrumbine CheeseMacro wbmosler redgenkosi chrismalikane MichaboSustain1 green_pippa
Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: Cartoon Thursday with RicoDefend Truth Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07 • There’s no greater joy than having financial freedom and a life free of debts, that’s why I Zaza posting comments about AdamTrey01 who guided me trading onlin
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Stocks Halt Rebound Before Historic Fed Decision: Markets WrapStocks fell after disappointing economic data, with traders bracing for the biggest Federal Reserve hike since 2000 and awaiting more clues on how aggressively the central bank will tackle inflation. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: US mulls sanctions against China tech giant Hikvision over human rights issuesShares of Hangzhou Hikvision Digital Technology Co tumbled by 10% as the US considers imposing new sanctions on surveillance-technology giant, potentially the harshest measures so far against a major Chinese company. • There’s no greater joy than having financial freedom and a life free of debts, that’s why I Zaza posting comments about AdamTrey01 who guided me trading onlin
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: US sent cyber team to Lithuania over Russia hacking threatThe US rushed cyber forces to Lithuania to help defend against online threats that have risen since Russia’s invasion of Ukraine, an Army general said on Wednesday. • There’s no greater joy than having financial freedom and a life free of debts, that’s why I Zaza posting comments about AdamTrey01 who guided me trading onlin
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Glencore Strikes Supply Deal with Li-Cycle for Recycled Battery MetalsGlencore Plc will take recovered battery metals from Li-Cycle Holdings Corp. as part of a long-term supply deal that gives the Canadian recycling firm an inside track with one of the world’s biggest commodities producers.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: India turns to expensive foreign gas to ease its power crisisSweltering heat and ongoing blackouts are forcing India’s liquefied natural gas importers to top up with expensive shipments. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07 • There’s no greater joy than having financial freedom and a life free of debts, that’s why I Zaza posting comments about AdamTrey01 who guided me trading onlin
Source: dailymaverick - 🏆 3. / 84 Read more »