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RBA interest rates: Reserve Bank of Australia leaves official cash rate steady at 4.1%
(www.theguardian.com)
this post was submitted on 04 Jul 2023
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Glad that they paused and quietly hopeful that the top is in. I suspect there might be one or two more rises in there though.
Power increases will start to impact the next monthly CPI figures and unemployment is still low, but there's still a good few people coming off low fixed rates so it's hard to know how much the prior increases have made an impact through the economy.
The real question is how long they'll stay around this rate before dropping. The RBA have a bit of a history of overcorrecting so it could be sooner than people think.
I don't know. I think they have been behind the curve all the way. Inflation is dropping and the economy is showing signs of creaking. I think if they went harder earlier, we'd already be better off. The same logic makes me wonder if a small increase now will prevent 2 in the not too distant future.
I think they should be talking about government not using their levers more, though. It means there will be mounting pressure to end stage 3 tax cuts, which would be inflationary. Labor are only keeping them as they didn't and don't want to be wedged.
They should be cutting the spending where it's happening. The wealthy and the older generation. Instead the RBA only has the means to disproportionately affect the young who are more indebted than ever historically.