'People are furious': RBA deputy governor says more needs to be done on inflation
The RBA's deputy governor issues a warning that interest rates could rise further if the ongoing scourge of inflation does not come under control soon.
Deputy RBA Governor Andrew Hauser has expressed frustration over the high inflation rates plaguing Australia's economy. In a recent interview, Hauser stated that the Reserve Bank of Australia (RBA) is ready to raise interest rates further if necessary to combat inflation. He acknowledged the public's anger and frustration regarding the issue, emphasizing that the RBA is committed to bringing inflation down.
Hauser highlighted three main factors contributing to inflation: the ongoing Middle East crisis, a global boom driven by artificial intelligence, and the limited supply potential of the Australian economy. While the central bank could implement sharp interest rate hikes, Hauser believes the RBA is not at a point where it needs to take such drastic action yet.
He reiterated that inflation is the RBA's primary concern, and the issue will require time to resolve fully. The RBA is expected to meet at the end of September to decide on the next rates decision, with new inflation figures released a day later.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
