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RBA on an extended pause, budget in the spotlight

Although the RBA left rates unchanged at its meeting this week, Governor Bullock stated that the Board was prepared to raise rates if it had to. Against this backdrop, there have been concerns from some quarters that an expansionary 2024/25 budget could force the RBA's hand. While we do see fiscal policy as being more accommodative in the coming financial year, we don't think it will make up for the poor outlook for private consumption.

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