An interest rate cut in coming months could materialise following the release of RBA’s Statement on Monetary Policy yesterday.
The evidence to date, the statement read, was that “a significant moderation in demand is now occurring, and it is looking increasingly likely that demand will remain subdued, and economic growth will be fairly slow, in the period ahead”.
While inflation is likely to remain high in the short-term, the RBA board is confident demand is slowing to an extent that could bring a significant reduction to inflation over time.
“Scope to move to a less restrictive monetary policy stance in the period ahead is increasing,” the bank said.
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