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Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.35 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.25 per cent. Global inflation remains very high. It is, however, moderating in response to lower energy prices, the resolution of supply-chain problems and the tightening of monetary policy. It will be some time, though, before inflation is back to target rates. The outlook for the global economy remains subdued, with below average growth expected this year and next. In Australia, CPI inflation over the year to the ... (full story)
Added at 10:32pm
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RBA:
— *seven (@sevenloI) February 7, 2023
- Inflation Is Expected to Decline This Year Due to Both Global Factors and Slower Growth in Domestic Demand.
- Board Expects Further Increases in Interest Rates
- Board Resolute in Its Determination to Return Inflation to Target
Added at 10:32pm
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RBA:
— *seven (@sevenloI) February 7, 2023
- The Central Forecast Is for CPI Inflation to Decline to 4¾ per cent This Year and to Around 3 per cent by Mid-2025
- GDP Growth Expected to Slow to Around 1½ per cent Over 2023 and 2024
- Path to Achieving a Soft Landing Remains a Narrow One
Added at 10:33pm
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RBA: HOUSEHOLD BALANCE SHEETS ARE ALSO BEING AFFECTED BY THE DECLINE IN HOUSING PRICES #News #Markets #RBA #capitalhungry
— Capital Hungry (@Capital_Hungry) February 7, 2023
Added at 10:37pm
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AUD/USD spiking higher as ASX sells off post RBA announcement.
— IGSquawk (@IGSquawk) February 7, 2023
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- Posted: Feb 6, 2023 10:30pm
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