Deloitte Access Economics Pradeep Philip says the central bank is specifically worried about services inflation as well as wage growth and the entrenchment of inflationary expectations.
Despite the Reserve Bank having already implemented several interest rate hikes, Mr Philip believes these measures are sufficient.
“We happen to think that there is already enough in the system in terms of interest rate rises,” he told Sky News Australia. He highlights the financial strain on Australians, noting that “around 300,000 Australians were experiencing negative cash flow”. “That is, their expenditures and their mortgage repayments were greater than their household disposable income,” he said.
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