When the Reserve Bank Board meets this week, it will grapple with an official inflation rate within its target range and its preferred measure – the trimmed mean – just above it.
While inflation hawks in the last few months have demanded the bank increase its cash rate two or three more times, guaranteeing a recession, reasonable people can ask of a cut: if not now, how soon?
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Craig Emerson is managing director of Emerson Economics. He is a distinguished fellow at the ANU, director of the Australian APEC Study Centre at RMIT and adjunct professor at Victoria University’s College of Business.
