The RBA's revised Statement on the Conduct of Monetary Policy has been interpreted as hawkish by some commentators. However, our view is that the new statement doesn't meaningfully alter the RBA's flexible inflation targeting framework or its dual mandate. With newly released data suggesting that household consumption is set to tumble, while unit labour cost growth is on track to cool in earnest, we're sticking with our view that the RBA will start cutting rates as early as Q2 2024.
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