In the Statement on Monetary Policy, RBA reiterated that a further lift in interest rates is required over the period ahead. Also, the Board will continue to closely monitor the incoming information and evolving balance of risks as it assesses the timing and extent of future interest rate increases
In the new economic projections:
- 2022 GDP growth forecast was downgraded from 5.50% to 4.50%.
- 2023 GDP growth was upgraded from 2.50% to 2.75%.
- 2022 year-end headline CPI forecast was raised form 3.25% to 6%.
- 2023 year-end CPI headline forecast was raised from 2.75% to 3.25%.
- 2022 year-end trimmed mean CPI was raised from 2.75% to 4.75%.
- 2023 year-end trimmed mean CPI was raised from 2.75% to 3.25%.
- 2022 year-end unemployment rate was unchanged at 3.75%.
- 2023 year-end unemployment rate was us lower from 3.75% to 3.50%.
