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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 3.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.50 per cent. Global inflation remains very high. In headline terms it is moderating, although services price inflation remains elevated in many economies. It will be some time before inflation is back to target rates. The outlook for the global economy remains subdued, with below average growth expected this year and next. The monthly CPI indicator suggests that inflation has peaked in Australia. Goods price inflation ... (full story)
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RBA: There is Uncertainty Around the Timing and Extent of the Slowdown in Household Spending
— *seven (@sevenloI) March 7, 2023
- Uncertainties Mean That There Are a Range of Potential Scenarios for the Australian Economy
- Household Consumption Growth Has Slowed Due to the Tighter Financial Conditions
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RBA: Labour Market Remains Very Tight, Although Conditions Have Eased a Little
— *seven (@sevenloI) March 7, 2023
- Wages Growth is Continuing to Pick Up in Response to the Tight Labour Market and Higher Inflation
- Recent Data Suggest a Lower Risk of a Cycle in Which Prices and Wages Chase One Another
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