December 9, 2022

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Australia Monitoring World Economy, Wages for Future Rate Path

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Australia’s central bank will pay “close attention” to household spending, wage and price setting behavior and the global economy as it decides how fast and how far to raise interest rates, Governor Philip Lowe said.

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(Bloomberg) — Australia’s central bank will pay “close attention” to household spending, wage and price setting behavior and the global economy as it decides how fast and how far to raise interest rates, Governor Philip Lowe said.

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“Developments in each of these three areas will affect the pace at which inflation returns to target and whether the economy can remain on an even keel,” Lowe said in a speech Tuesday. “The board expects to increase interest rates further over the period ahead. We are not on a pre-set path though.”

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The Reserve Bank is in the midst of its fastest tightening cycle in a generation, having increased the…

Bloomberg News

2022-11-22 03:53:29

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