The RBA is expected to raise rates by 50 basis points at its July 5 meeting, bringing the rate to 1.35%.
After raising the benchmark interest rate by 50 basis points in a hawkish surprise last month, Reserve Bank of Australia (RBA) Governor Philip Lowe has played down the possibility of a rate hike by 75 basis points, dampening weeks of speculation it will match the US Federal Reserve's latest move.
The Australian economy is forecast to grow 4.0% this year and 2.4% in 2023.
Inflation will remain well above the RBA's target range of 2%-3% through mid-2023. Expected to average 6.1% this year and slip to 4.0% in 2023.
After raising the benchmark interest rate by 50 basis points in a hawkish surprise last month, Reserve Bank of Australia (RBA) Governor Philip Lowe has played down the possibility of a rate hike by 75 basis points, dampening weeks of speculation it will match the US Federal Reserve's latest move.
The Australian economy is forecast to grow 4.0% this year and 2.4% in 2023.
Inflation will remain well above the RBA's target range of 2%-3% through mid-2023. Expected to average 6.1% this year and slip to 4.0% in 2023.