Economic Outlook

Outlook 

Australia’s economy continues to appear resilient. September’s data showed healthy business surveys and robust retail spending. However, the dramatic inflation acceleration is still concerning with annual CPI inflation at 7.3% in September. Strong annual price rises were recorded for fruit and vegetables, new housing construction and automotive fuels. The Reserve Bank raised the cash interest rate by a further 0.25% to 2.6 % in October and also
signaled the expectation to increase interest rates further over the months ahead. This played out on 1 November when the RBA raised rates by a further 0.25%.

Article written 3 November 2022.

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