The Reserve Bank has been urged to lift interest rates and governments warned to pull back on infrastructure projects to reduce inflation.
In its annual economic health check, the International Monetary Fund concluded Australia’s economy was “resilient” but “sticky” inflation was a cause for concern.
“Staff therefore recommend further monetary policy tightening to ensure that inflation comes back to the target range by 2025 and minimise the risk of de-anchoring inflation expectations.” The IMF gave a tick of approval to the government’s decision to bank the extra tax revenue from high commodity prices that helped deliver the first budget surplus in 15 years.
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