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RBA interest rates: Reserve Bank of Australia leaves official cash rate steady at 4.1%
(www.theguardian.com)
this post was submitted on 04 Jul 2023
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I’m happy that they haven’t moved this month but disheartened that they’re considering further rises. Inflation has really started ticking back down and while it’s not back in the ‘goldilocks’ zone yet things are definitely easing. They really need to wait and see what the mortgage cliff towards the end of the year will do to the market before moving up anymore as they could be directly responsible for pushing us into recession.
It’s rare for inflation to be tamed without a recession, so we will wait and see. Setting the goal at 2 - 3% by 2025 hurts everyone as inflation stays above the range longer.
Moving hard to bring it down sooner hurts a few who borrowed too much for a place they can’t afford, yet helps everyone else as lower inflation benefits all of us. The RBA is playing it too safe imo and hoping for this narrow path which seems unlikely.
@Instigate @Mountaineer they really need the federal government to get off their collective arses and do something instead of hiding behind the RBA and the blunt cash rate stick.
Shit like Air-BNB eating into housing stock, corporations passing on rate rises wholesale to ensure record profits, or even reneging on the tax cut promise.
But the government is happy for Philip Lowe and the RBA to cop the brunt of it (some of it is deserved, admittedly)