At the Australian Financial Review Business Summit, RBA Assistant Governor Sarah Hunter identified inflation as the primary factor hindering household consumption in Australia, with interest rates raised 13 times since May 2022.
Reserve Bank of Australia Assistant Governor Sarah Hunter stated at the Australian Financial Review Business Summit that households are struggling due to inflation, which is the single biggest drag on household consumption in Australia. The RBA raised interest rates 13 times since May 2022 to control consumer prices, which surged in the post-pandemic period. The central bank's board will meet next week to assess the economy's trajectory, and observers expect no changes to the borrowing costs, which are at a 12-year high of 4.35%.
March 12, 2024
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