Markets are already pricing in a better than 50 per cent chance of an interest rate cut in June, and a greater than three-quarters chance of at least one rate cut by August.
The Reserve Bank's forecasts also incorporate then-market pricing of two rate cuts between now and early next year.the economic performance the bank forecast is still at, or below, the bottom of its inflation target and well below what is considered"trend" or average levels of growthIf you take some of the Government fiscal stimuli out of those forecasts, it can only leave it more up to the Reserve Bank to add extra monetary stimulus through further rate cuts.
Last month, the Australian Tax Office released a statement that confirmed it needed Parliament to change the law to implement a tax cut. But the tax legislation still has to pass and, if the Government refuses to split the widely supported immediate tax cuts to middle and low-income earners from the more contentious longer-term cuts for middle and higher income earners, that could still take some time.
This delay is caused by the ballot count so the abc should stick it's head where it belongs.
Why wasn’t the public informed of this before the election?
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