OPINION: Dr Chalmers’ economic statement may be the start of a national realisation that the 2022 federal election campaign dodged the growth agenda Australia’s needs.
That has prompted financial markets to rule out a potential triple-sized 0.75 percentage point increase in the Reserve Bank’s 1.35 per cent cash rate on Tuesday next week.
The question is whether this degree of monetary policy tightening can get ahead of an inflation rate that today’s “confronting” statement from Treasurer Jim Chalmers may forecast to peak at higher than the Reserve Bank’s current 7 per cent prediction.Yet, the updated forecasts to be included in Dr Chalmers’ “confronting” statement to parliament today are likely to include a relatively prompt return of inflation to within the Reserve Bank’s 2 per cent to 3 per cent target by 2024.
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