The war on inflation isn’t over yet says Philip Lowe
The Reserve Bank Governor made the comments ahead of next Tuesday’s board meeting to decide on interest rates
The Reserve Bank Governor made the comments ahead of next Tuesday’s board meeting to decide on interest rates
It’s too early to declare that inflation is under control, the head of the Reserve Bank of Australia said today.
Governor Philip Lowe has been giving evidence at the Senate estimate hearing in Canberra this morning, saying that 11 interest rate rises in just over a year were having a positive impact on inflation.
“We’ve increased interest rates, a lot of monetary policy is restrictive, and it’s working,” he said.
However, he stopped short of saying that the war to drive down inflation to more acceptable levels had been won.
“Whether we need to increase rates further, both depending on what happens with unit labour costs, what happens with the global economy, with inflation expectations, consumer spending, so they’re the variables that we’re looking at,” Mr Lowe said.
The RBA is due to meet next Tuesday for the last time this financial year. Three of the top four banks are predicting that rates have already peaked at 3.85 percent, with ANZ the only major lender to suggest a rise to 4.1 percent is likely before the end of the year.
The RBA has been under pressure to end further rises amid concerns that the steep rise in rates – the greatest monetary tightening program since the 1980s – could push Australia into a recession.
Rising rates, construction inflation and shrinking investor confidence are pushing Australia deeper into a dangerous housing spiral that monetary policy alone cannot fix.
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