We had the Reserve Bank of Australia policy decision earlier on the week and today we get the Statement on Monetay Policy.
The most recent communication from the RBA has been a speech on Thursday:
Note these:
- Need to see further significant gains in employment, lower unemployment rate
- Need a tighter labour market to lead to higher wage rises
Today's SoMP will contain revisions to the Bank's forecasts. There will be minor revisions to both inflation and unemployment forecasts (IMO) but not enough to materially alter the Bank's view of 2024 'at the earliest' for a rate hike. Wage forecasts will also come under scrutiny given the Bank is looking for higher wages to fuel higher inflation.
