That expert hopes that the Reserve Bank of Australia board “will come to its own conclusion rather than rely on the public “echo-chamber”.
Most of the financial world is convinced that the Reserve Bank of Australia will spoil Melbourne Cup Day with a punishing interest rate increase, sending borrowing costs to their highest level in nearly two decades.
It would be the fifth blow to household budgets this year alone, and almost every economist and trader is betting that it is coming – except one.
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The Reserve Bank has so far been unable to pull inflation down to its target range of between 2 and 3 per cent. The only option left, it seems, is to take a sledgehammer to demand.
The federal government says the ongoing global oil shock - triggered by the war in the Middle East - is one of the main key factor of inflation.
The RBA's latest hike has triggered warnings of a record 14 per cent plunge in home values.
The Reserve Bank of Australia's decision was in line with expectations from economists polled by Reuters, and marked its fifth rate increase this year.
Inevitable tightening from the Reserve Bank has pushed Australia’s cash rate to a high not seen since the Global Financial Crisis.
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