People with mortgages and prospective home buyers can take heart at early signs that the punishing burst of interest rate increases this year might be close to blowing itself out.
In its statement, the RBA said it still expected to raise rates “in the period ahead” as part of its campaign to control inflation, but it sounded less certain than it did a month ago. RBA governor Philip Lowe has encouraged this fear of rising rates by promising hairy-chested action against what he called the “scourge” of inflation.
But the RBA should interpret its inflation target flexibly, especially in the current global environment.As Treasurer Jim Chalmers warned on Tuesday, Australia could soon be hit by a global economic slowdown which will only compound the negative impact of the RBA rate increases. “The weight of opinion around the world is that the global situation has gotten much worse, even in the last few weeks,” Chalmers said.
But... but... the RBA said rates wouldn't rise until 2024. 🙃
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