IMF economists visiting Australia concluded the economy was running above capacity, with low unemployment, “sticky” inflation and rising house prices.“Although inflation is gradually declining, it remains significantly above the RBA’s target,” the IMF said in its annual economic health check of Australia.
The fund said the Albanese government’s banking of the majority of tax windfalls from high commodity prices was helping the RBA, but federal and state governments should ease back on their infrastructure rollout to better share the inflation-fighting “burden” with the RBA. ANZ economist Adelaide Timbrell said strong growth in major project investment is expected to continue over the next couple of years.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
International Monetary Fund says Australia needs higher interest ratesThe IMF’s annual review warns rates might have to climb for a little while longer while soaring infrastructure costs fan inflation.
Source: brisbanetimes - 🏆 13. / 67 Read more »
International Monetary Fund says Australia needs higher interest ratesThe IMF’s annual review warns rates might have to climb for a little while longer while soaring infrastructure costs fan inflation.
Source: smh - 🏆 6. / 80 Read more »
IMF Urges Reserve Bank to Lift Interest Rates to Control InflationThe International Monetary Fund has urged the Reserve Bank to lift official interest rates further while warning they may have to go even higher if the nation’s governments don’t abandon or delay some of their multibillion-dollar infrastructure projects.
Source: theage - 🏆 8. / 77 Read more »
UBS Expects Reserve Bank of Australia to Keep Interest Rates Higher for LongerUBS predicts that the Reserve Bank of Australia will maintain higher interest rates for an extended period and delays its forecast of the first-rate cut to November 2024. The broker anticipates a quarter of a percentage point increase at the RBA's November 7 meeting, with a potential risk of another increase in February 2024.
Source: FinancialReview - 🏆 2. / 90 Read more »
Strong Retail Sales and Unrelated Events Push Reserve Bank to Raise Interest RatesThe value of retail sales in Australia increased by 0.9% in September, driven by purchases through department stores and the release of the new iPhone 15. Other factors contributing to the increase were the start of Queensland's energy rebate program and the federal government's cheap medicines policy. The good gardening weather also led to higher sales of clothing and gardening equipment.
Source: smh - 🏆 6. / 80 Read more »
Strong Retail Sales and Unrelated Events Push Reserve Bank to Raise Interest RatesThe value of retail sales in Australia increased by 0.9% in September, driven by purchases through department stores and the release of the new iPhone 15. Other factors contributing to the increase were the start of Queensland's energy rebate program and the federal government's cheap medicines policy. The good gardening weather also led to higher sales of clothing and gardening equipment.
Source: brisbanetimes - 🏆 13. / 67 Read more »