Michele Bullock and the Reserve Bank board have delivered the biggest hospital pass imaginable to Treasurer Jim Chalmers just a week out from his make-or-break budget.
Sadly for the bank, and all Australians, it’s been years since its forecasts have translated into that economic nirvana. The RBA reckons GDP will expand by 1.2 per cent in the 12 months to June, and then barely improve to 1.6 per cent by year’s end. As governor Michele Bullock said, the bank is trying to bring down inflation without driving the economy into recession. If that happens, it won’t be the Reserve Bank being blamed for mass layoffs and business closures - it will be Chalmers.
Source: Loan Digest (loandigest.net)
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