UNSW Business School’s Professor Richard Holden says he believes official interest rates may end up back at a “more normal level” of about 2.5 per cent, maybe as high as three per cent, over the next 18 months to two years.
“I doubt that that will happen this calendar year, but over the next 18 months to two years, I expect that’s where it’s going to get back to,” he told Sky News Australia.
“It’s important to remember we’ve had an incredibly unusual period, still recovering from the 2008 financial crisis and then having a pandemic and the … effectively zero per cent interest rates are not normal andThe Reserve Bank of Australia is expected to lift interest rates by between 25 to 40 basis points on Tuesday afternoon in response to soaring levels of inflation across the economy.
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