The Reserve Bank of Australia (RBA) Assistant Governor (Financial Markets), Christopher Kent, did not sound keen on further rate hikes and said that m
onetary policy is slowing the growth of demand, and inflation. Additional Quotes via Reuters: Policy lags mean some further effects of past rate hikes are still to be felt through the economy. Repeats that some further tightening of policy may be required to ensure inflation slows.
The effect of slower demand growth on inflation is now building. Hearing in a liaison that a range of retailers discounting in the face of weak consumer spending. Mortgage payments are at a record share of household disposable income, and will rise further. The rise in interest rates has also increased incentives to save. The board is paying close attention to economic developments here and overseas.
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