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.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services