Independent economist Warren Hogan has defied widespread predictions of a February interest rate cut, claiming the Reserve Bank may instead choose to hold them steady for 'another year'.
A leading economist has directly contradicted some of Australia’s major banks and delivered a grim interest rate prediction which would leave households under pressure for longer.Independent economist Warren Hogan has defied widespread predictions of a February interest rate cut, claiming the Reserve Bank may instead choose to hold them steady for"another year".
The RBA on Tuesday elected to again leave rates unchanged at 4.35 per cent, with the decision driven in part by strong underlying inflation - which excludes volatile items such as fuel costs - and a surge in government spending. Picture: Vorrasit Siwawej/News Corp Australia "Now that inflation is coming down, the RBA really, really can't move unless they get some other information," he said.
With Australia's economy slowing to a crawl and government spending continuing to promote resilience in the job market, Mr Hogan added it was even possible the RBA"might be stuck here for a couple of years". "Ongoing price pressures remain and under these circumstances and the Reserve Bank will not be cutting the cash rate this year," she said.
RBA Inflation EY AMP Cherelle Murphy Brendan Rynne Shane Oliver KPMG Warren Hogan Michele Bullock Interest Rates
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