The RBA gave a sneak preview of its SoMP forecasts back on Tuesday. Governor Lowe reincarnated in a new hawkish form when

we had the first cash rate hike for over 11 years:

Since then we have had some updated analyst forecasts:

Westpac:

  • The RBA Statement on Monetary Policy will deliver an update to its forecasts and provide more detail surrounding the RBA’s views on the risks to the economic outlook.

NAB:

  • RBA Statement of Monetary policy will add some welcome context to May forecasts previewed in the post-meeting statement. Recall they saw underlying inflation revised up 2ppt from the February Statement to 4¾ over 2022 and slowing only to 3% to mid 2024 and a further improvement in the path for unemployment.
  • We will be looking for the RBA’s characterisation of the balance of risks to those forecasts and the outlook.
RBA Phillip Lowe meme hiding