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SYDNEY, May 7 - Australia's central bank on Tuesday sharply raised its outlook for headline inflation and removed any chance of a rate cut from its forecasts this year, suggesting borrowers might see no rate relief until well into 2025.
That factors in a labour market that is proving tighter than expected with unemployment rate not far from 50-year lows at 3.8%. That is expected to climb to 4.0% by June and 4.2% by December, lower than the previous forecasts of 4.2% and 4.3%. Still, the RBA judged inflation was still expected to be back in the 2-3% target range in late 2025, but that's only because those forecasts are based on market pricing of no rate cuts until mid-2025.
The RBA still judged disinflation would continue, with the trimmed mean measure easing to 3.8% by June and 3.4% by the year-end.
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