RBA head Philip Lowe does not expect a rate hike in nearly

Philip Low, the Australian Central Bank head, spoke at a press conference. He said that the curtailment of the QE program does not mean raising the base rates by the regulator. There are no conditions for this yet. Philip Low noted that the country’s economy survived the pandemic better than predicted. However, threats to economic growth remain. Uncertainty is increasing due to rising inflation. At the same time, employment is showing steady development, and unemployment in Australia is declining. The national bank will strive to achieve inflation and employment targets. According to the RBA prognosis, by the end of this year, inflation in the country may fall to 2.75%. It will be steady next year. The Australian Central Bank is also expecting a wage growth rate of 2.75% this year. In 2023, their growth will speed up to 3%. Unemployment may fall this year to 3.75%. In 2023, it will remain at this level. The growth of the country’s economy in the first quarter will be moderate.

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Arseny Kudrin

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