Australia central bank sees inertia in domestic wages, inflation By Reuters
© Reuters. FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. REUTERS/David Gray/File Photo
SYDNEY (Reuters) – Australia’s central bank board still thinks it likely that a rise in interest rates will not be needed until 2024 given inertia in home-grown wages and inflation, even as financial markets price in a move as early as next June.
Minutes of the Reserve Bank of Australia’s (RBA) November policy meeting released on Tuesday showed the Board felt the risks on inflation had shifted upward following a surprisingly strong reading on third quarter consumer prices.
Yet policymakers expected inflation in Australia to be more subdued than in some other developed nations and the central scenario for the economy continued to be consistent with the cash rate remaining at its current level until 2024.
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