RBA makes a hawkish rate hike.
The Reserve Bank of Australia has announced that interest rates are to increase by a further 0.25% bringing the official cash rate to 3.35% and made clear there will be further hikes in the near term.the Bank also warned that the cost of borrowing will continue to rise.In a statement Phillip Lowe, the Governor of the RBA, said that high inflation in Australia was the main motivation to raise rates yet again.
The RBA forecasted a decline in inflation to 4% this year, and then further fall to 3% by midway through 2025. Yet Lowe also stressed that high inflation is only a temporary situation in influencing how far interest rates need to increase. The forecasts of just how far that the rate rises will go vary, but the consensus expects hikes of 0.25% in March and April respectivelyAnalysts at the National Australia Bank have predicted that interest rates will reach a climax at a lower terminal rate of 3.6% by March this year, before remaining stable and then falling to 3.1% in March 2024.A Deloitte Access Economist Business Outlook report predicted that one more interest rate rise could result in recession.
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