The Reserve Bank of Australia sounded a hawkish note in its policy decision and accompanying statement from Governor Lowe:
The RBA promised “further increases in interest rates will be needed over the months ahead”.
The quarterly Statement on Monetary Policy (SOMP) is due on Friday at 11.30 am Sydney time.
- 0030 GMT, and 1930 US Eastern time
The SoMP will include updated. Yesterday’s note from Lowe indicated
- GDP growth expected to slow to 1-1/2% over 2023 and 2024
- CPI to 3% and unemployment at 4-1/2 per cent by mid-2025