RBA

Treasurer Jim Chalmers is standing by Reserve Bank of Australia Governor Philip Lowe, ahead of a likely rise...

"My job is to do what we can in the government to alleviate some of these inflationary pressures that we are seeing in the economy and that is what our focus is." "People are doing it really tough, they have high and rising inflation and falling wages and their interest rates are going up, so clearly there will be an element of frustration in the community about those circumstances," he said. "My job is to not take pot shots at the governor," he told the Nine Network on Tuesday. "The RBA are in charge of monetary policy, of course, and the independent Reserve Bank will make their decision this morning." "We are very conscious of the feelings that are out there that people are doing it tough and every half a per cent or quarter of a per cent in interest rates means higher payments for people," he told the Nine Network on Tuesday. "It's clear to all of us that Labor doesn't know which levers to pull on the economy and they are going to make a bad situation worse," he said.

Australia's central bank is set to hike the official interest rate again on Tuesday amid fears for cash-strapped mortgage holders, with more seeking help ...

Mr Oliver said this is because the RBA appears to be getting "a bit of traction" in its bid to curb inflation. "They don't want to end up going too far, causing a collapse in inflation and then have to slash rates back the other way," he said. Mr Martin and his colleagues help those who are not part of the RBA's statistic. This includes those who she said wouldn't normally seek assistance, such as mortgage holders. As they've climbed over recent months, the RBA has sought to ease concerns over mortgage stress. "There's always something that can be done, whether it's negotiating a hold on repayments for a certain amount of time, whether it's putting them on a payment arrangement they can't afford for their mortgage in order to keep a roof over their head; negotiating interest rate reductions or an extension of the life of the loan to make the loan more affordable."

Treasurer Jim Chalmers is standing by Reserve Bank of Australia Governor Philip Lowe, ahead of a likely rise...

"My job is to do what we can in the government to alleviate some of these inflationary pressures that we are seeing in the economy and that is what our focus is." "People are doing it really tough, they have high and rising inflation and falling wages and their interest rates are going up, so clearly there will be an element of frustration in the community about those circumstances," he said. "My job is to not take pot shots at the governor," he told the Nine Network on Tuesday. "The RBA are in charge of monetary policy, of course, and the independent Reserve Bank will make their decision this morning." "We are very conscious of the feelings that are out there that people are doing it tough and every half a per cent or quarter of a per cent in interest rates means higher payments for people," he told the Nine Network on Tuesday. "It's clear to all of us that Labor doesn't know which levers to pull on the economy and they are going to make a bad situation worse," he said.

Anthony Albanese has backed in an embattled Reserve Bank governor as the central bank prepares to make a historic rate hike on Tuesday.

They are an independent authority,” he said. “They are pocketing some of this money through the increased interest rates, and at the very least, the banks should be passing some of that on to deposit holders,” he told the Nine Network. “The bank … (is trying) to get a handle on this inflation in our economy,” Mr Chalmers said. “We are very conscious of the feelings that are out there, that people are doing it tough, and every half a per cent or quarter of a per cent in interest rates means higher payments for people, and that means they are having to make choices about how they get by,” Mr Albanese said. Mr Chalmers said the point of the government’s review was to ensure that going forward, Australia had “the best monetary policy setting in the world”. Treasurer Jim Chalmers also said it “wasn’t the time” to “take potshots” at Dr Lowe.

Expectations are the RBA will again lift interest rates by another 50 basis points, heaping more hip pocket pain on Australians. Stay with ACM for the all the ...

Digital journalist for ACM's regional titles. Digital journalist for ACM's regional titles. Before this role, I was the digital specialist with ACM's Agricultural division and prior to that chief of staff at The Land, where I started as a journalist in 2006.

'There's no point pretending these rate rises don't hurt – they do and they will.'

There is some wriggle room in the RBA’s target. The RBA adjusts the interest rate in an attempt to pull the inflation rate in line with its target. “Every extra dollar Australians have to find to service the mortgage is a dollar that can’t help meet the high costs of other essentials. So, how much is the RBA expected to hike the interest rate when it meets on Tuesday? “Maybe a bit of relief that the CPI wasn’t as bad as feared, and the RBA only is going to raise rates 50 basis points,” said Betashares chief economist David Bassanese. “With the aim that, if everyone thinks they’re serious, then everyone will behave as if inflation will go back to target and it’ll make it a lot easier to get inflation back down. One of the big challenges the RBA faces when making rate decisions is its access to inflation data. Ultimately, the RBA’s goal is to rein in domestic inflation, setting a goal for “core” inflation. The Reserve Bank of New Zealand increased its benchmark cash rate from 2 per cent to 2.5 per cent earlier this month. New inflation figures, revealed by the Australian Bureau of Statistics earlier this week, showed that the annual inflation rate had increased to 6.1 per cent. “With inflation now set to rise to 7.75 per cent and several more cash rate hikes in the pipeline, many households will need to bunker down for the next six to 12 months.” Back-to-back-to-back increases in the past three months have seen the rate brought up from a record-low 0.1 per cent to 1.35 per cent.

The Reserve Bank of Australia has lifted the cash rate by 50 basis points for the third consecutive month, the steepest increase in almost 30 years.

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RBA raises cash rate to 1.85%. Peter Hannam. In some financial news to interrupt Question Time (and prompt a few fresh questions), the Reserve ...

That is not the role of the ABCC. Those opposite know that is the case but they continue to pretend that there is some connection between those two elements. It is important to the prime minister and this side of the House to maintain the commitments that we made during the election. I look forward to the opposition voting for that legislation when it comes before the parliament. I am pleased that my ministerial colleague, minister O’Connor, he is working hard in the leadup to the summit, on a series of local events as well that will take those ideas. I am not aware of the specific example that the member raises. When we released the 43% reduction target, it was the modelled result of the range of policies we committed to at the time. This government is determined to have compared the plans. Is also ... leading into inflation, because if you have a failure to be able to access the labour market that can increase your costs. So in the new objectives there was no reference to trying to determine whether violence or harm was reducing. Dick is handing down his ruling on David Littleproud’s complaint that Labor is not reading out a full tweet on foot-and-mouth disease it has referred to earlier in the week. It would also provide a more transparent process than currently exists for addressing concerns that a judge’s conduct has fallen below the acceptable standard, even when the conduct does not amount to actual or apprehended bias under the law. The treasurer continues to sound more like a commentator than a treasurer.

The Reserve Bank increases interest rates for the fourth month in a row, raising its cash rate target by half a percentage point.

"With more rate increases ahead, buyers and sellers are nervous about what is to come from this year's spring selling season. "When they first start that, they're the most vulnerable to higher rates. The RBA has now lifted its benchmark interest rate by 1.75 percentage points since its first rate rise in May, with the cash rate target sitting at 1.85 per cent. - The rise in the cash rate since early May will add about $472 a month to repayments on a $500,000 loan - The cash rate target has now increased by 1.75 percentage points since the start of May to 1.85 per cent The Reserve Bank has increased interest rates for the fourth month in a row, raising its cash rate target by half a percentage point.

The Reserve Bank of Australia is meeting to decide if further interest rate rises are needed following last month's shock half-a-per-cent increase to ...

Digital journalist for ACM's regional titles. Digital journalist for ACM's regional titles. Before this role, I was the digital specialist with ACM's Agricultural division and prior to that chief of staff at The Land, where I started as a journalist in 2006.

A former Liberal minister has backed an Indigenous Voice to parliament, experts say Australia's coronavirus winter wave has appeared to have passed and the ...

Evil may lurk in the shadows, but it cannot hide in the darkness,” he said. And it is just to clarify a gap in the legislation between the Commonwealth legislation and some of the state and territory legislative requirements. “May they find some solace in the knowledge that he cannot cause more grief through his acts of terror, and let terrorists see that Afghanistan will never, ever be a safe haven for their hatred,” he said. “The death of al-Qaeda leader Aymam as al-Zawahri is a success in the enduring battle against terrorism. This is a sunset clause that gives us the opportunity to consult fully with our advocacy groups to make sure the new Aged Care Act can be as good as it possibly can be.” “That means not splashing cash around unnecessarily,” Chalmers said. Specifically until we bring in the new Aged Care Act, which the royal commission has asked us to do by 1 July next year. Economic growth is currently strong but is expected to slow. “So, it is a temporary measure. “It’s not a shock to anybody but it will sting, families will now have to make more hard decisions about how to balance the household budget in the face of other pressures like higher grocery prices, and higher car prices and the cost of other essentials.” We’re working to restore it. We’re sorry, this feature is currently unavailable.

Interest rates have been hiked for a fourth consecutive month in a historic but unsurprising move. Here's what it means for you.

“Working in the other direction, people are finding jobs and obtaining more hours of work. Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years,” he said. There is no evidence of this. The RBA hikes the interest rate in response to a myriad of financial figures, namely the inflation rate. “The size and timing of future interest rate increases will be guided by the incoming data and the board’s assessment of the outlook for inflation and the labour market. “The expected moderation in inflation reflects the ongoing resolution of global supply-side problems, the stabilisation of commodity prices and the impact of rising interest rates.”

The RBA is forecasting higher inflation and weaker economic growth this financial year and the next, and warned the current 48-year low 3.5 per cent ...

Looking ahead, however, growth is tipped to slow to 1.75 per cent in both calendar 2023 (down from 2 per cent) and 2024, while unemployment is forecast to edge higher to 4 per cent by the end of 2024. The pace of inflation accelerated in July, with the Melbourne Institute prices gauge rising 1.2 per cent, the fastest rate in two decades, which stemmed in part from higher energy prices flowing through to household budgets. Despite growing criticism, RBA governor Philip Lowe said rising interest rates were necessary to bring inflation back to the 2 per cent to 3 per cent target and to create a sustainable balance of demand and supply. “The bank’s central forecast is for [gross domestic product to] growth of 3.25 per cent over 2022,” Dr Lowe said, down from 4.2 per cent tipped in May. The S&P/ASX 200 rose from a loss of 0.45 per cent ahead of the decision to a loss of 0.2 per cent after the decision. The Reserve Bank of Australia is forecasting higher inflation and weaker economic growth this financial year and the next, and warned the current 48-year low 3.5 per cent unemployment rate would rise as a result.

The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most ...

The Board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path. The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. The Bank's central forecast is for CPI inflation to be around 7¾ per cent over 2022, a little above 4 per cent over 2023 and around 3 per cent over 2024. Today's increase in interest rates is a further step in the normalisation of monetary conditions in Australia. The increase in interest rates over recent months has been required to bring inflation back to target and to create a more sustainable balance of demand and supply in the Australian economy. The Australian economy is expected to continue to grow strongly this year, with the pace of growth then slowing. The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most countries, Russia's invasion of Ukraine and the COVID containment measures in China.

Decision is the fourth monthly rise in a row, as Australia's inflation rate soars beyond target range of 2-3%

“We do not believe they are in a rush to take the policy rate much above their estimate of neutral [about 2.5%],” Aird said. Job vacancies and job ads are at very high levels and a further decline in unemployment is expected over the months ahead. “Today’s increase in interest rates is a further step in the normalisation of monetary conditions in Australia,” Lowe said. Australia’s reserve bank has lagged behind most of its overseas counterparts in raising the cost of borrowing to take some of the impetus out of quickening price rises. The bank will update the quarterly statement for August on Friday. But the bank’s governor, Philip Lowe, said Australia’s economy would grow slower this year and in coming years than the RBA had forecast in its May statement on monetary policy.

Expectations are the RBA will again lift interest rates by another 50 basis points, heaping more hip pocket pain on Australians. Stay with ACM for the all the ...

Digital journalist for ACM's regional titles. Digital journalist for ACM's regional titles. Before this role, I was the digital specialist with ACM's Agricultural division and prior to that chief of staff at The Land, where I started as a journalist in 2006.

The Reserve Bank of Australia is meeting to decide if further interest rate rises are needed following last month's shock half-a-per-cent increase to ...

Digital journalist for ACM's regional titles. Digital journalist for ACM's regional titles. Before this role, I was the digital specialist with ACM's Agricultural division and prior to that chief of staff at The Land, where I started as a journalist in 2006.

While there is a lot of focus on what the RBA and other central banks are doing with interest rates, in the background is another process that will also ...

In Australia the RBA is allowing its hoard of government and semi government bonds to run off as they mature. Since the global financial crisis monetary policies have become increasingly unconventional and their effects have deliberately distorted risk pricing and the signals risk premia send to investors and managers. About $2 billion of bonds mature this month and the proceeds won’t be reinvested. The $188 billion term funding facility that provided windfall profits for the banks will end in June next year. In effect, the Fed and RBA and other Anglosphere central banks are withdrawing liquidity from their systems as well as hiking their interest rates. That could magnify its effects on rates and volatility. For tech companies, that’s because the discount rate used to calculate net present values for companies’ future cash flows is generally the 10-year bond rate. Combined with zero or near-zero policy rates, which affect short-term interest rates, they injected massive amounts of liquidity into the central bank’s financial systems and forced rates on longer-term securities lower. During “turbulent” periods it could be as much as 74 basis points. It also provided $188 billion of term funding to banks and other financial institutions at minimal interest rates. The second pandemic-related program that ended in March grew that balance sheet to $US8.9 trillion. That was good for shares and other risk assets like property.

For the fourth consecutive month the Reserve Bank of Australia (RBA) has hiked interest rates as inflation runs rampant.

It also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.75 per cent -— RBA (@RBAInfo) https://t.co/ydDJcCVSRA August 2, 2022 Since then, they have averaged 3.93 per cent. It’s not a shock to anybody, but it will still sting. Stream more finance news live & on demand with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. The official cash rate has been at a record low of 0.1 per cent since November 2020 in response to the Covid-19 pandemic until May 2022. The RBA lowered the cash rate to 0.1 per cent at the end of 2020 amid the Covid-19 pandemic – the lowest it had ever been – and throughout the pandemic said they didn’t plan on raising the cash rates until 2024. In the last quarter, transport costs rose 13.1 per cent as the price of fuel rose to record levels for the fourth quarter in a row. This cycle of interest rate rises began before the election in response to inflationary pressures that began accelerating at the beginning of this year. This marks the first time the RBA has lifted the rates for four months in a row since the introduction of the two to three per cent inflation target in 1990. “The independent ReserveBank has just announced its decision to increase interest rates by another 0.5 per cent, bringing the cash rate to 1.85 per cent. The decision brought the cash rate from 1.35 per cent to 1.85 per cent, largely in line with economist’s predictions.

Treasurer Jim Chalmers says today is “another difficult day for Australian home owners” after the RBA lifted official interest rates to a six-year high.

“There’s also an impact on the budget. “The size and timing of future interest rate increases will be guided by the incoming data and the Board’s assessment of the outlook for inflation and the labour market,” Dr Lowe said. “That plan will be to raise interest rates even further and Australians with a mortgage will pay the price.”

The Reserve Bank of Australia (RBA) lifted interest rates by another 0.50%, and the S&P/ASX 200 Index (ASX: XJO) jumped higher.

Working in the other direction, people are finding jobs and obtaining more hours of work. The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments. The central bank boosted rates from the then all-time low of 0.10% to 0.35%. June saw another 0.50% increase as did July, leaving the rate at 1.35% as of this morning before the latest 0.50% increase. Consumer confidence has also fallen and housing prices are declining in some markets after the large increases in recent years. It added that wages are likely to increase “from the low rates of recent years as firms compete for staff in the tight labour market”. Many households have also built up large financial buffers and the saving rate remains higher than it was before the pandemic.

The Reserve Bank has raised the cash rate for the fourth time in as many months to curb inflation. Look back at how our experts unpacked what this means for ...

"The Board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path. The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments. But they also have their own competitive strategies. Surry there would be a contingency to change them immediately following an announcement? And yes, the pace and quantity of these rate hikes are unusual. "This decision doesn't come as a surprise, it's not a shock to anybody, but it will still sting. "Now, Australians knew that this was coming, but it won't make it any easier for them to handle. Wages aren't growing as fast as prices are rising, and that means the purchasing power of your weekly wage is deteriorating. I presume the banks aren’t directly profiting from every extra dollar. It’s currently sitting at 1.85 per cent. They have reiterated that they're going to be watching consumers carefully." Thank you for joining us today and to those who sent in questions.

The Reserve Bank of Australia is meeting to decide if further interest rate rises are needed following last month's shock half-a-per-cent increase to ...

Digital journalist for ACM's regional titles. Digital journalist for ACM's regional titles. Before this role, I was the digital specialist with ACM's Agricultural division and prior to that chief of staff at The Land, where I started as a journalist in 2006.

Statement – Philip Lowe, Reserve Bank of Australia Governor, 2 August 2022. Monetary Policy Decision. At its meeting today, the Board decided to increase ...

The Board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path. The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. Today’s increase in interest rates is a further step in the normalisation of monetary conditions in Australia. The increase in interest rates over recent months has been required to bring inflation back to target and to create a more sustainable balance of demand and supply in the Australian economy. The Bank’s central forecast is for CPI inflation to be around 7¾ per cent over 2022, a little above 4 per cent over 2023 and around 3 per cent over 2024. The Australian economy is expected to continue to grow strongly this year, with the pace of growth then slowing. The outlook for global economic growth has been downgraded due to pressures on real incomes from higher inflation, the tightening of monetary policy in most countries, Russia’s invasion of Ukraine and the COVID containment measures in China.

Surging inflation “crept up” on Australia, and is to blame for the fourth interest rate rise in as many months as the Reserve Bank takes an assertive ...

It’s not a shock to anybody, but it will still sting.” “For Australians with a $500,000 mortgage, it‘s about an extra $140 a month, in addition to the extra $335 they’ve had to find since early May.” “Average homeowners with a $330,000 outstanding balance will have to find about $90 a month more for repayments as a consequence of this decision today, on top of around $220 extra in repayments since early May,” Dr Chalmers said. “At this time, (the RBA) will be doing what it takes to bring inflation down, so they’re committed to that, and so you can lock in more rate rises later on this year – perhaps September, October and November, as some market economists are predicting,” Mr Ryan said. As a result, Mr Ryan is predicting a “higher-rates environment” to continue up until the end of the year, possibly even merging into the beginning of 2023. Peter Ryan, a business correspondent ABC News, today told the ABC that the RBA had no choice but to be “aggressive” as it plays catch-up with rising prices across the country.

As the Reserve Bank raises interest rates for the fourth time in four months, home loan borrowers are bracing for more repayment pain.

It says for borrowers with a 40 per cent deposit or the equivalent equity in their property, 49 per cent of lenders on its comparison site are offering interest rates that are on average 0.21 per cent below the rate being paid by borrowers with a deposit half that size. "There may be a strong case for borrowers in this position to open up a negotiation with their lenders for a rate reduction," he said. "Lenders are looking for loans where there is a greater buffer for falls in property prices and almost half of them are rewarding these borrowers with lower interest rate offers," he said. "The value of new owner-occupier loan commitments fell 3.3 per cent in June 2022, while new investor loan commitments fell 6.3 per cent," Katherine Keenan, ABS head of finance and wealth, said. The ABS said the value of mortgage approvals fell by 4.4 per cent in June, on a seasonally adjusted basis, as the RBA's rate hikes dampened appetite for borrowing. As the higher cost of borrowing sees demand weakening for new home loans, more existing borrowers are refinancing to try to eke out lower interest rates from their banks' competitors. Discounts offered by banks for new borrowers saw refinancing jump 9.7 per cent in June to a record $12.7 billion. It will decrease its fixed-home-loan interest rates by up to 0.75 per cent for new customers and existing variable-rate customers who want to fix their interest rate, from 5 August. And it will increase the ongoing interest rate on its savings and everyday transaction accounts by 0.5 per cent, to 2.25 per cent, on balances up to $250,000. The official interest rate is now at its highest level in six years, at 1.85 per cent, up from a record low of 0.1 per cent at the start of May. It comes as new Australian Bureau of Statistics (ABS) data show the proportion of new home loans being written with fixed rates has plunged to 9 per cent, down from the July 2021 peak of 46 per cent. As the Reserve Bank raises interest rates for the fourth time in four months, home loan borrowers are bracing for more repayment pain.

The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language...

By contrast consumer confidence is at recessionary levels and well below where it's been at this point in past RBA rate hiking cycles." "Families will now have to make more hard decisions about how to balance the household budget in the face of other pressures like higher grocery prices and higher power prices," he said. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market." "The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path," Reserve Bank of Australia Governor Philip Lowe said. But the bank also revised its inflation forecast to drop to a little above four per cent over 2023, and around three per cent over 2024, from a high of 7.75 per cent this year. The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language in its latest board statement as homeowners prepare for banks to react to the latest hike.

The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language...

By contrast consumer confidence is at recessionary levels and well below where it's been at this point in past RBA rate hiking cycles." "Families will now have to make more hard decisions about how to balance the household budget in the face of other pressures like higher grocery prices and higher power prices," he said. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market." "The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path," Reserve Bank of Australia Governor Philip Lowe said. But the bank also revised its inflation forecast to drop to a little above four per cent over 2023, and around three per cent over 2024, from a high of 7.75 per cent this year. The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language in its latest board statement as homeowners prepare for banks to react to the latest hike.

The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language...

By contrast consumer confidence is at recessionary levels and well below where it's been at this point in past RBA rate hiking cycles." "Families will now have to make more hard decisions about how to balance the household budget in the face of other pressures like higher grocery prices and higher power prices," he said. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market." "The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path," Reserve Bank of Australia Governor Philip Lowe said. But the bank also revised its inflation forecast to drop to a little above four per cent over 2023, and around three per cent over 2024, from a high of 7.75 per cent this year. The Reserve Bank of Australia has kept the door open for less aggressive rate rises, tempering its language in its latest board statement as homeowners prepare for banks to react to the latest hike.

The Reserve Bank's unprecedented succession of interest rate hikes is expected to dramatically slow the economy and drive up unemployment as it concedes ...

“After four in a row and three for 50, the risks are slowly shifting to going too far, too fast.” Financial markets, which accurately predicted the RBA’s lift interest rates, now believe the cash rate will peak at 3.2 per cent by March next year. The RBA also expects inflation to reach 7.75 per cent by years’ end, up from its May prediction of 5.8 per cent. “It’s not a shock to anybody but it will sting. Future interest rate decisions will be guided by incoming data, Lowe said, including new inflation and employment figures. Lending data from the Australian Bureau of Statistics showed a 3.3 per cent fall in loans to people buying a house and a 6.3 per cent fall in mortgages to investors. Homeowners with about $200 billion in mortgages - about 10 per cent of the Australian home loan market - would be at risk of falling behind on their repayments if official interest rates climb to 3 per cent, a leading analyst has warned. “For the first time in several decades we are likely to see a wave of fully employed borrowers falling into delinquency as they simply can’t make ends meet,” he said in a note. HSBC Australia chief economist Paul Bloxham said given the RBA’s forecasts for a lift in unemployment, the bank was likely to start slowing the rate of interest rate rises to a quarter percentage point at coming meetings. “The board places a high priority on the return of inflation to the 2 to 3 per cent range over time while keeping the economy on an even keel,” he said. In May, the RBA forecast economic growth would reach 4.2 per cent by the end of this year before plateauing at 2 per cent in December 2023 through to June the year after. Governor Philip Lowe revealed the bank expects economic growth to be 3.25 per cent this year, before falling to 1.75 per cent in the next two years.