The RBA has restored some of its dented credibility in swiftly taking the cash rate higher, but its decision-making this year will be crucial amid an ongoing review.
when it abruptly ditched its forward guidance that interest rates would remain at a record low 0.1 per cent until 2024. Six months later, the central bank was implementing its fastest tightening cycle in more than 30 years.The cash rate stands at 3.1 per cent, the highest level in 10 years.
For HSBC chief economist Paul Bloxham, the RBA deserves a special mention for its balanced approach between tackling inflation and preserving jobs.have vowed to do whatever it takes to bring price growth under control, even if it brings an economic recession. In contrast, Dr Lowe is focused on keeping the economy on an “even keel” and appears unwilling to sacrifice gains made in pushing unemployment lower.
Several economists, including those at Macroeconomics and Capital Economics, believe the RBA was too late in raising the cash rate and should have followed the RBNZ’s earlier lead.
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