The RBA still has work to do if it is to contain inflation
Rate rises were supposed to start biting this year. But it looks like the Reserve Bank may have to push the cash rate past 4 per cent to slow the resurgent economy.
It is becoming increasingly clear that the Reserve Bank’s job is far from done.
The RBA had been hoping that the big increase in the nominal cash rate over the past 12 months would bite into economic activity before inflation took hold in the domestic economy.
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Warren Hogan is managing director of EQ Economics and economic adviser to Judo Bank.
