The RBA admits it suffered 'reputational damage' when it tried to wind back its COVID-19 pandemic stimulus program.
Reserve Bank Governor Philip Lowe has warned inflation is increasingly coming from within Australia, rather than from global sources.It says inflation is increasingly coming from within AustraliaHe says the RBA still thinks inflation will hit 7 per cent this year, up from 5.1 per cent currently, but it is monitoring the situation.
Mr Lowe has also admitted the RBA suffered "reputational damage" when it tried to wind back its COVID-19 pandemic stimulus program. Speaking on Tuesday at an event in Sydney, the RBA Governor said the share of items in the consumer price index basket experiencing annual price increases greater than 3 per cent was at its highest level since 1990.
He said the RBA has had to adjust its forecasts higher for retail electricity and gas prices, given the problems with energy supply on Australia's eastern seaboard.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Funeral disruptor defies deadly market conditions to bank $10mPerennial Partners and Ord Minnett Private Capital have led Bare’s capital raise, with support from ex-NBA star Andrew Bogut.
Read more »
'I really felt violated': From text messages to fraudulent ads, how scammers are draining bank accountsIn the 25 years Helen Cahill has kept the books for her small business, she's never had any trouble doing online banking. Until last month.
Read more »
Bank of mum and dad fuels $34 billion mortgage ‘headache’ - realestate.com.auFirst homebuyers who were bankrolled by their parents could be in danger of losing a roof over their heads now that property prices are falling, research shows.
Read more »
RBA concedes its reputation has sufferedThe Reserve Bank of Australia acknowledges the messy retreat from its yield curve target policy has hurt its reputation, but it says it was effective in supporting the economy.
Read more »
Return to inflation target will take years: Fed officialCleveland Federal Reserve Bank president Loretta Mester says even though she is not predicting a recession, it will take time to get the economy under control.
Read more »
Dozens of NSW councils raise their rates in response to inflationThe increase comes after the Reserve Bank of Australia (RBA) hiked interest rates up for the second time in as many months. 9News
Read more »