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Inflationary pressures rising

Australia’s flash PMI for March provides further evidence that the pace of price rises is increasing and we think that strong inflation will convince the RBA to hike interest rates in June. Meanwhile, the IMF warned that the recent weakness in New Zealand’s housing market could pose a risk to the economy in the years ahead. Indeed, we expect a protracted housing downturn will force the RBNZ to cut rates next year.

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