IMF supports australia's central bank's high interest rates and warns that further rate hikes may be needed.
The International Monetary Fund (IMF) supports australia's central bank's tough monetary policy, while warning that if the anti-inflation struggle stalls, interest rates may need to be raised again. The IMF states: "Recent policies should continue to focus on promoting economic growth while reducing inflation." australia's central bank believes that "maintaining a restrictive monetary policy stance aimed at combating ongoing inflation is appropriate". The report states: "If anti-inflation efforts stall, further policy tightening may be necessary." It also points out that "potential price pressures remain high", referring to rent, new homes, and insurance.
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Australia's inflation rate is already within the target range, but interest rates may not be cut in the short term!
According to the data released by the Australian Bureau of Statistics on Wednesday, Australia's inflation rate in August is already within the target range of the Reserve Bank of Australia. However, Sean Langcake, Director of Macroeconomic Forecasting at the Australian Economic Research Institute, stated that the rate cuts by other central banks globally have 'little impact' on the Reserve Bank of Australia, and it is expected that the Reserve Bank of Australia will maintain interest rates stable until the second quarter of 2025.