The Treasurer has resisted commenting ahead of the Reserve Bank’s next cash rate meeting, but noted previous language used by Governor Philip Lowe that a pause may soon come.
The Australian Bureau of Statistics on Wednesday revealed monthly inflation fell from 7.4 per cent to 6.8 per cent, prompting speculation the RBA may pause rate hikes.“I'm not going to give free advice to the Reserve Bank Board,” Mr Chalmers told reporters.
Australia has now seen 10 consecutive rate rises since April 2022, increasing the cash rate from a low of 0.1 per cent to 3.60 per cent. After the March rate hike, RBA Governor Philip Lowe indicated that as the previous rate rises start to impact the economy the RBA is getting closer to pausing further rate hikes.
“We've done a lot in a short period and at some point it will be appropriate to sit still and assess it.”
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