Here are the key takeaways on the economy from the Reserve Bank’s latest monetary policy statement.
Inflation will get worse this year before getting better, economic growth will be slower and the unemployment rate will remain lower for longer, according to new forecasts from the Reserve Bank.
A tight rental market will also continue to put pressure on inflation, and the bank expects rental inflation to remain high through to mid-2026. Services inflation is also forecast to fall slowly.The unemployment rate is rising at a slower pace than the Reserve Bank previously forecast and is expected to reach a high of 4.3 per cent by the middle of next year.
“Job advertisements and vacancies have continued to decline but remain above their pre-pandemic levels.”in December, but the Reserve Bank believes that is now around its peak and is likely to start easing. But not all households have a mortgage, and for those without higher interest rates have encouraged people to save more, and savings rates are now a little above the pre-pandemic average.Thanks largely to falling household spending, Australia’s economic growth slowed over 2023 and remains subdued.
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