Working families are bearing the brunt of inflation pressures,with insurance and housing costs pushing their cost-of-living measure far higher than inflation.
The bank board noted that getting inflation back to its 2-3 per cent target had been “slow and bumpy” as it confirmed the official cash rate would remain at 4.35 per cent.
As the Reserve Bank board met on Monday,$90 billion was wiped from the sharemarket and investors began to bet on a large pre-Christmas interest rate cut.
The ASX and sharemarkets around the world are a sea of red as recession fears build in the US.
Inflation for some grocery staples climbed above 20 per cent in 2022. But prices are now slowing or even falling,in a positive sign for the Reserve Bank.
The investment chief of UniSuper says monetary policy has run its course,and inflicting more pain on squeezed households is not the answer.
Inflation figures this week have probably stopped the Reserve Bank from further interest rate rises,but the economy on Jim Chalmers’ watch is still struggling.
Donald Trump tried to fire Jerome Powell during his presidency before discovering he didn’t have the authority. Now the Fed chairman is set to throw a spanner in the works heading into November’s election.
Anthony Albanese has been road testing his themes for the election. So has Peter Dutton,who says that the PM is a good bloke. But of course,there’s a catch.
Muesli and milk was becoming a luxury as inflation soared. But there are good signs the nation’s inflation pressures are finally starting to abate.
New inflation figures show that despite a further rise in the cost of living,it is not climbing any faster than expected by the Reserve Bank.