Australia's cost of living crisis is deepening this morning, with inflation soaring to a 21-year high. ChristineAhern 9News READ MORE:
is the first of Australia's big four banks to change its forecast for an interest rate hike to happen in May instead of June, saying the record-low 0.10 per cent is now "inappropriate" for the economy.
"The RBA's preference has been to wait until it has the wages data as this is "consistent with its announced framework", but we think today's data makes it hard to argue this is the right approach."the largest quarterly and annual increase in more than two decadesOf particular concern was fuel, which showed the largest annual growth in inflation since the 1990 Iraqi invasion of Kuwait.
The trimmed mean – an adjusted figure the RBA was using a reference point – has lifted to 3.7 per cent, well above the target range. The RBA is an independent central bank. It is accountable to the Parliament for its actions and in some circumstances it consults with the Australian Government – but the government cannot tell the RBA what it should do.ANZ now says an interest rate of 0.1 per cent in the current economic environment is 'inappropriate'.
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