Headline inflation is tipped to peak at 7.6 per cent in the December quarter, and Treasurer Jim Chalmers says China’s reopening will be a positive for Australia.
Headline inflation is tipped to peak at 7.5 per cent in the December quarter, well below the Reserve Bank’s 8 per cent forecast, feeding expectations the relentless interest rate hiking cycle may soon end.
Treasurer Jim Chalmers on Sunday said the outlook for the global economy was increasingly “downturn not disaster”, but warned while the expectation was inflation peaked last month, that might not be the case. “The Chinese economy will obviously have a big impact on the performance of our own economy,” he told reporters in Brisbane on Sunday. “We do expect it to rebound relatively strongly and relatively quickly.
While the labour market remains tight, with coast-to-coast skills shortages still an issue for many businesses, a softening in the data will flow into the central bank’s thinking on the interest rate pathway.Following the jobs result, investors brought forward expectations for when the RBA will end the current monetary policy tightening cycle, which drove the cash rate from 0.1 per cent to 3.1 per cent in just seven months.
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