Reserve Bank’s chief economist says it is ‘difficult’ to hear the stories of those who ‘are struggling’Follow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastOne of the big four banks is still predicting an interest rate cut in 2024, as the chief economist from Australia’s central bank defended its decision to keep the cash rate on hold while “people were struggling”.The Reserve Bank on Tuesday left its cash rate unchanged at 4.35% for a sixth meeting in a row, with its governor, Michele Bullock, warning “a near-term reduction in the cash rate doesn’t align with the board’s current thinking” and that inflation remained too high.Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading…
Source link : https://www.theguardian.com/australia-news/article/2024/aug/07/commonwealth-bank-still-predicts-interest-rate-cut-in-2024-as-rba-defends-keeping-cash-rate-on-hold
Author : Peter Hannam and Amy Remeikis
Publish date : 2024-08-07 06:34:58
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