Why the RBA Won't Cut Interest Rates Anytime Soon 📉

The RBA governor Michele Bullock has stood firm on the board's decision to leave interest rates on hold in July despite the surprise jump in unemployment. She said the recent jobs figures matched the the central bank's forecasts and data suggests the jobless rate won't rise sharply in the near term. Ms Bullock said the Reserve Bank board wants to see underlying inflation fall further before cutting rates again. She said it's ready for any global shocks and is closely watching the independence of the US central bank, the US Federal Reserve. Attention now turns to what the Reserve Bank will do next. Most economists are forecasting a rate cut next in August if inflation continues to ease. All four big banks are expecting another cut in November, with Westpac and NAB expecting a third in February. Those rate cuts can't come soon enough for Australians in the suburbs, where mortgage pain is real.
#ABCBusiness
Subscribe: http://ab.co/1svxLVE


ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.

For more from ABC NEWS, click here: https://ab.co/2kxYCZY
Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1

Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2
Like ABC NEWS on Facebook: http://facebook.com/abcnews.au
Follow ABC NEWS on Instagram: http://instagram.com/abcnews_au
Follow ABC NEWS on X (Twitter): http://twitter.com/abcnews

Note: In most cases, our captions are auto-generated.

#ABCNEWS #ABCNEWSAustralia