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MNI (Sydney)

The Reserve Bank of Australia on Tuesday has maintained its view that the economic is set for a strong rebound as pandemic restrictions ease, but still believes that economic conditions will not warrant an interest rate rise before 2024.

As expected, the RBA today left official rates on hold at the record low of 0.10% and confirmed it would maintain its bond purchase program at the rate of AUD4 billion per week until mid-February, see: MNI STATE OF PLAY: RBA On Hold As Lockdowns Set To Ease.

Key to the RBA outlook are subdued wage and price pressures, with underlying inflation at around 1.75% and wages, as measured by the Wage Price Index, increasing at just 1.7%. While disruptions to global supply chains are affecting the prices of some goods, the RBA sees the impact of this on the overall rate of inflation as limited.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |
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