RBA governor Philip Lowe warns Australians to brace for higher inflation, lower growth
2 years, 1 month ago

RBA governor Philip Lowe warns Australians to brace for higher inflation, lower growth

ABC  

Don't expect much of a pay rise, even as inflation soars and reduces what you can buy with your wages. Key points: RBA governor Philip Lowe says globalisation helped central banks keep price rises low and stable over the past three decades Increasing trade restrictions and global conflict are reversing this process and risk reduced supply and higher prices Mr Lowe says the effects of climate change are also likely to push prices up and make them more volatile That's the grim message for workers from Reserve Bank Governor Philip Lowe. "An inflation rate of 7 or 8 per cent was something that was widely thought to be consigned to the history books," Dr Lowe said. So far, Mr Lowe remains comfortable that inflation expectations remain moderate, with wage growth still lagging well behind increases in consumer prices and "consistent with the target" of 2-3 per cent inflation. Without using the term, Mr Lowe raised the spectre of "stagflation", an economic state where inflation is high despite the economy being weak.

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History of this topic

RBA Is More Confident on CPI, But Too Early to Declare Victory
12 hours, 38 minutes ago

RBA Is More Confident on CPI, But Too Early to Declare Victory

Live Mint  

-- Australia’s central bank is more confident that inflation is moving sustainably toward target but it’s still too soon to conclude the battle is won given a recent pick-up in consumption and a still-tight labor market, minutes of the December meeting showed. The Reserve Bank’s board discussed scenarios in which future policy would be eased to boost economic growth or …

RBA will monitor Donald Trump's trade tariffs for inflation risk, says deputy governor
1 week, 6 days ago

RBA will monitor Donald Trump's trade tariffs for inflation risk, says deputy governor

ABC  

The Reserve Bank's deputy governor has encouraged Australians not to stress too much about the likely impact on Australia's economy of a tit-for-tat trade war sparked by Donald Trump's presidency, and the problems it may cause for inflation next year. Andrew Hauser says if US president-elect Trump introduces wide-ranging trade tariffs next year, the direct impacts on Australia would probably …

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears
1 month, 2 weeks ago

RBA governor Michele Bullock gives blunt spending warning to Treasurer Jim Chalmers as election nears

ABC  

Treasurer Jim Chalmers has received a blunt warning from Reserve Bank of Australia governor Michele Bullock about the inflationary consequences of any potential splashy pre-election spending promises as she left the door open to even higher interest rates. Mr Chalmers said in the wake of Labor's Queensland election loss, the coming federal election "was never going to be — from …

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened
Trending News
1 month, 2 weeks ago

Review finds 'no evidence' gunshots were deliberately edited into commando footage — as it happened

ABC  

Treasurer Jim Chalmers answers a questions on the RBA interest rates. Member for Macquarie, Susan Templeman, asks: "What does the decision taken today by the Reserve Bank mean for Australians and what progress is being made in the fight against inflation and how does this compare to other approaches?" "Secondly, it reflects the progress that we are making together in …

RBA Scrutinizing China's Stimulus Impact on Australian Economy
2 months, 1 week ago

RBA Scrutinizing China's Stimulus Impact on Australian Economy

Live Mint  

Australia's central bank is closely monitoring China's stimulus measures and their potential impact on the economy. Officials are assessing the implications for domestic growth and inflation given China's significant economic importance to Australia. The RBA is on constant alert for signs of unmoored inflation expectations, which could lead to greater price volatility. However, the central bank remains confident that inflation …

More people are seeking help as Australia's economy slows down, RBA governor acknowledges
3 months, 2 weeks ago

More people are seeking help as Australia's economy slows down, RBA governor acknowledges

ABC  

Reserve Bank governor Michele Bullock says she is aware that more people than usual are seeking help from community organisations as Australia's economy slows down and unemployment rises. And the number of owner-occupiers with variable-rate mortgages who are in a "particularly challenging situation" is also rising, but the RBA is doing what it can to bring inflation down, re-balance the …

The RBA is making confusion about inflation and the cost of living even worse
3 months, 3 weeks ago

The RBA is making confusion about inflation and the cost of living even worse

ABC  

There's a paradox about the way we respond to threats to the cost of living. At the same time, when the cost of living climbs enough to push inflation beyond the Reserve Bank's target, the bank pushes up interest rates in an attempt to drive measured inflation down. Sharp interest rate increases are a problem The response of the Reserve …

'Bad mistake to set policy on one number': RBA deputy plays down this week's inflation shock
5 months, 3 weeks ago

'Bad mistake to set policy on one number': RBA deputy plays down this week's inflation shock

ABC  

The Reserve Bank's deputy governor has played down this week's surprise inflation data, saying it would be a "bad mistake" to set interest rates on the basis of one number. Answering questions after speaking at the welcome dinner for Citi's A50 Australian Economic Forum in Sydney, Andrew Hauser told the gathered group of business leaders and finance sector heavyweights that …

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia
6 months ago

RBA keeps interest rate at 4.35 per cent, says rate rise could be on cards as governor says she's not expecting a recession in Australia

ABC  

The Reserve Bank has kept interest rates on hold at 4.35 per cent. "Inflation has fallen substantially since its peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance," the Board said. RBA governor warns the narrow path is 'getting a bit narrower,' but doesn't expect a recession The RBA board …

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits
6 months, 3 weeks ago

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits

Live Mint  

-- Australia’s inflation is showing persistent strength and weighing heavily on the finances of some households, a senior Reserve Bank official said, highlighting the limits to further interest-rate increases. “The board are absolutely focused on the fact that inflation is clearly still above the target band,” RBA Assistant Governor Sarah Hunter said at a conference in Sydney on Thursday, referring …

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA
6 months, 3 weeks ago

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA

ABC  

In short: The annual rate of inflation ticked up to 3.6 per cent in April, from 3.5 per cent in March. According to the Australian Bureau of Statistics, an underlying measure of inflation — called "trimmed mean" inflation — also picked up again in April, from 4 per cent to 4.1 per cent. "It does not appear that the RBA …

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high
7 months, 2 weeks ago

The Reserve Bank's interest rate dilemma: Households are hurting but inflation remains stubbornly high

ABC  

Please make it stop. That's what Michele Bullock must say to herself after RBA board meeting days, when journalists conjure a dozen different ways to ask the same question — what's going to happen with interest rates? Over the past year, the inflation rate for discretionary goods and services has been within the RBA's 2-3 per cent target band, at …

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band
9 months ago

RBA keeps interest rates on hold at 4.35pc but says 'it will be some time' before inflation within target band

ABC  

The Reserve Bank has left interest rates on hold amid signs that growth in the economy has dramatically slowed down following 13 interest rate rises since May 2022. The cash rate remains at 4.35 per cent, and while the central bank gave no clear indication of where it was headed next, saying it was "not ruling anything in or out", …

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse
9 months, 2 weeks ago

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse

ABC  

The softening-up process is already underway. There's now every possibility the GDP numbers could tip negative, giving the first real indication that Australia's economy is shrinking under the weight of 13 interest rate hikes in quick succession. The RBA lifted the cash rate to 4.35 per cent last November, but it hasn't fully flowed through to the whole economy. Prepare …

Michele Bullock says RBA 'will not hesitate' to increase rates if inflation takes longer than expected to return to target
1 year, 2 months ago

Michele Bullock says RBA 'will not hesitate' to increase rates if inflation takes longer than expected to return to target

ABC  

Reserve Bank of Australia governor Michele Bullock says the central bank "will not hesitate" to increase the cash rate over fears inflation could take longer to return to target than its current "late 2025" forecast. Key points: The RBA has left the cash rate on hold at 4.1 per cent since June as inflation began to ease But governor Michele …

RBA leaves interest rates on hold at 4.1 per cent after Philip Lowe's last meeting as governor
1 year, 3 months ago

RBA leaves interest rates on hold at 4.1 per cent after Philip Lowe's last meeting as governor

ABC  

The Reserve Bank has kept interest rates on hold at 4.1 per cent for the third month straight, but has flagged further increases may be needed to ensure inflation remains under control. Key points: The RBA has not lifted interest rates since June, when the cash rate target rose to 4.1 per cent But the central bank says future rate …

Inflation slows more than expected, chance of an August RBA interest rate rise reduced
1 year, 4 months ago

Inflation slows more than expected, chance of an August RBA interest rate rise reduced

ABC  

Consumer prices rose 0.8 per cent over the three months to June, making a 6 per cent increase over the past year. Key points: Quarterly inflation slowed from 1.4pc in March to 0.8pc in June The annual rate of headline inflation is 6pc, down from 7.8pc in December Economists and financial traders now believe an RBA interest rate rise next …

RBA holds interest rates steady, and homeowners breathe a sigh of relief — but for how long?
1 year, 5 months ago

RBA holds interest rates steady, and homeowners breathe a sigh of relief — but for how long?

ABC  

The RBA has left its cash rate target unchanged at 4.1 per cent — and home owners aren't the only ones breathing a sigh of relief. In the final paragraph of the Reserve Bank governor Philip Lowe's statement on Tuesday he said: "Some further tightening of monetary policy may be required to ensure that inflation returns to target in a …

Companies chasing profits amid high inflation risks an Australian recession, RBA warns
1 year, 6 months ago

Companies chasing profits amid high inflation risks an Australian recession, RBA warns

ABC  

The Reserve Bank has pointed directly to the inflation elephant in the room — that "some" companies are indeed helping to drive inflation with aggressive price increases. Today, for the first time, the Reserve Bank referenced that “some firms” were lifting their prices past levels of inflation, in effect locking those previous price rises into future pricing and making the …

The RBA has just relit community anger over its messaging
1 year, 7 months ago

The RBA has just relit community anger over its messaging

ABC  

Confused about where we're headed and why we appear to be hurtling headlong towards a self-induced recession? RBA boss Philip Lowe defends shock interest rate rise Photo shows Philip Lowe from the RBA speaks at a lectern. Late on Monday, on the first anniversary eve of our latest rate-hiking cycle, money markets were almost unanimous: The Reserve Bank of Australia, …

RBA boss Philip Lowe defends shock interest rate rise, saying 'there is a limit' to inflation patience
1 year, 7 months ago

RBA boss Philip Lowe defends shock interest rate rise, saying 'there is a limit' to inflation patience

ABC  

Just a month after the Reserve Bank of Australia kept rates on hold — to assess the economic fallout from an unprecedented string of 10 consecutive rate hikes — on Tuesday afternoon it shocked most experts with another rise. Key points: The RBA raised interest rates from 3.6 to 3.85 per cent RBA governor Philip Lowe says inflation needs to …

Reserve Bank hikes cash rate to 3.85 per cent, ASX hits three-week low, Qantas appoints new CEO to replace Alan Joyce
1 year, 7 months ago

Reserve Bank hikes cash rate to 3.85 per cent, ASX hits three-week low, Qantas appoints new CEO to replace Alan Joyce

ABC  

Here are some comments from Callam Pickering, an economist at global job site Indeed. He's just put out this note on the rate decision, which I think is worth quoting in full: "The flow of recent economic data provides a compelling case for further rate hikes,” he said. "The RBA anticipates that further rate hikes may well be needed to …

The criticisms behind the Reserve Bank review's recommendations for a new board, updated mandate
1 year, 8 months ago

The criticisms behind the Reserve Bank review's recommendations for a new board, updated mandate

ABC  

A board that provided "limited challenge" to the views of the Reserve Bank of Australia's executive — and with a skill set mismatched to the "complex and uncertain economic environment": That was the assessment of the review of the Reserve Bank of Australia. Key points: The review said the RBA's performance over three decades has been good but made detailed …

Does everyone welcome the Reserve Bank overhaul?
1 year, 8 months ago

Does everyone welcome the Reserve Bank overhaul?

ABC  

The push to overhaul the Reserve Bank of Australia could be a "watershed moment" in Australian economic policy, some economists say. The Australian Council of Social Service said it would be a "hugely important step" when the RBA had to give equal weight to its inflation target and full employment when setting interest rates. RBA says some changes won't be …

Lowe prepared to stay on as RBA governor after Treasurer releases critical review; ASX finishes flat — as it happened
1 year, 8 months ago

Lowe prepared to stay on as RBA governor after Treasurer releases critical review; ASX finishes flat — as it happened

ABC  

Here's two questions for you.do you think the RBA will raise interest rates again next month and do you really think that Phil Lowe can possibly stay in this job after such a public humiliation? I'm no rates forecaster, but I do believe that a cash rate over 3 per cent for a prolonged period will probably tip Australia into …

The RBA's interest rate pause was a close call that could change as early as next month
1 year, 8 months ago

The RBA's interest rate pause was a close call that could change as early as next month

ABC  

The Reserve Bank has revealed its decision to pause its aggressive interest-rate-hiking strategy was a close call, while warning that more hikes may be needed to tame inflation. Key points: The RBA kept interest rates on hold this month for the first time in a year Minutes from the meeting show board members want time to see the lagged impact …

RBA leaves interest rates on hold as it waits to see impact of previous increases
1 year, 8 months ago

RBA leaves interest rates on hold as it waits to see impact of previous increases

ABC  

The Reserve Bank has given mortgage borrowers a reprieve, at least temporarily, by leaving interest rates on hold at Tuesday's board meeting. Key points: The RBA has held interest rates steady after 10 consecutive rate rises The cash rate target remains at 3.6 per cent RBA governor Philip Lowe said further rate rises "may well be needed" to tame inflation …

Jobs bounce sees unemployment fall, keeps pressure on for April interest rate rise
1 year, 9 months ago

Jobs bounce sees unemployment fall, keeps pressure on for April interest rate rise

ABC  

A strong bounce in job numbers last month will maintain pressure on the Reserve Bank to keep increasing official interest rates, despite global banking jitters. Key points: Unemployment returned to 3.5 per cent, with 64,600 jobs added in February Hours worked and workforce participation rose, while underemployment fell Economists say the strong jobs numbers make another interest rate rise very …

Interest rate rises causing 'hidden poverty' in South Australia, even among those usually considered affluent
1 year, 9 months ago

Interest rate rises causing 'hidden poverty' in South Australia, even among those usually considered affluent

ABC  

They are the victims of "hidden poverty" who are now accessing support for the first time in their lives. Key points: Interest rates have risen 10 times in a row More people are seeking help from charities and financial advisers The state government is focusing on increasing housing supply Ten interest rate rises in a row are biting hard into …

RBA governor Philip Lowe says interest rate 'pause closer' with 'open mind' based on data
1 year, 9 months ago

RBA governor Philip Lowe says interest rate 'pause closer' with 'open mind' based on data

ABC  

The Reserve Bank governor has indicated that the board is considering a pause after 10 consecutive interest rate rises, but the timing would depend on incoming economic data. Key points: The RBA says it is "closer to the point where it will be appropriate to pause interest rate increases" Philip Lowe says "further tightening of monetary policy is likely to …

Why RBA interest rate hikes could end by September – but brace for at least one more
1 year, 9 months ago

Why RBA interest rate hikes could end by September – but brace for at least one more

ABC  

Tuesday's 10th successive Reserve Bank interest rate hike is the culmination of a process that has added $1,080 to the monthly cost of payments on a $600,000 variable mortgage. I've calculated this increase in payments — which amounts to $12,960 per year — by comparing payments on the National Australia Bank's base variable mortgage rate before the Reserve Bank started …

Reserve Bank of Australia raises interest rates to 11-year high, opens the door to a pause
1 year, 9 months ago

Reserve Bank of Australia raises interest rates to 11-year high, opens the door to a pause

ABC  

The Reserve Bank of Australia has raised interest rates for the 10th consecutive meeting, taking the cash rate target to 3.6 per cent. Key points: The cash rate target of 3.6 per cent is the highest since May 2012 The 0.25 of a percentage point rate rise will add around $77 a month to repayments on a $500,000 mortgage RBA …

Australia to flirt with recession this year, warns NAB
1 year, 10 months ago

Australia to flirt with recession this year, warns NAB

ABC  

National Australia Bank has delivered a sobering assessment of how it expects the economy to perform this year. Key points: NAB is expecting economic growth to slow to 0.7 per cent over 2023 and 0.9 per cent in 2024 With some quarters forecast at just 0.1 per cent growth, Australia risks a recession The construction sector is likely to hold …

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher
1 year, 10 months ago

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

ABC  

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages. Key points: The RBA governor says interest-rate rises are hurting many households But he says inflation is too high and that means more …

RBA boss Philip Lowe defends record bank profits as he flags further rate hikes
1 year, 10 months ago

RBA boss Philip Lowe defends record bank profits as he flags further rate hikes

ABC  

Reserve Bank governor Philip Lowe says it is important in the long term to have "strong" banks that are turning a profit, even though it may be hard to hear for people in the grips of skyrocketing mortgage repayments. Key points: Mr Lowe said the RBA was not sure when it would stop raising rates The cash rate is currently …

The Reserve Bank will keep raising interest rates, but don't expect more supersized jumps
1 year, 10 months ago

The Reserve Bank will keep raising interest rates, but don't expect more supersized jumps

ABC  

The Reserve Bank has confirmed that Australians can expect to see at least two more rate rises, but appears to favour a slow and steady approach over any more supersized hikes. Key points: The RBA reiterates that further interest rate increases will be needed The bank expects inflation to remain higher than in its previous forecasts Wages forecasts have also …

Interest rate updates: Philip Lowe says RBA will 'do what is necessary' to curb inflation as cash rate reaches highest level since September 2012 — as it happened
1 year, 10 months ago

Interest rate updates: Philip Lowe says RBA will 'do what is necessary' to curb inflation as cash rate reaches highest level since September 2012 — as it happened

ABC  

Question for Gareth please If, as all economists state, the reason for rate rises is to curb inflation by inhibiting consumer spending, why doesn’t the government give he RBA the power to adjust the GST rate. This would surely impact consumer spending across the board to share the pain, could be targeted by exempting non discretionary expenditure and would have …

Interest rate rise: Treasurer Jim Chalmers backs RBA boss as Aussies face mortgage stress
2 years ago

Interest rate rise: Treasurer Jim Chalmers backs RBA boss as Aussies face mortgage stress

Daily Mail  

Treasurer Jim Chalmers has responded to calls for a major overhaul of the Reserve Bank as interest rates soar to a 10-year high. The RBA raised interest rates by a quarter of a percentage point to 3.1 per cent on Tuesday much to the distress of mortgage holders who have faced eight consecutive rate rises. Treasurer Jim Chalmers is supporting …

RBA Governor Philip Lowe apologises to Australians struggling with mortgages
2 years ago

RBA Governor Philip Lowe apologises to Australians struggling with mortgages

ABC  

Reserve Bank Governor Philip Lowe has apologised to Australians for giving them unclear guidance that led to hundreds of thousands taking out big mortgages in the expectation that interest rates would stay low until 2024. Key points: RBA boss Philip Lowe says the bank failed to communicate with the public properly He told a Senate hearing that they did the …

Reserve Bank' admits higher interest rates WON'T bring down inflation
2 years, 1 month ago

Reserve Bank' admits higher interest rates WON'T bring down inflation

Daily Mail  

The Reserve Bank has admitted hiking interest rates aggressively doesn't necessarily bring down inflation quickly. Australia inflation grew by 7.3 per cent in the year to September at levels unseen since 1990 The Reserve Bank's statement on monetary policy released earlier this month forecast annual inflation remaining above its target until 2025, after falling to 3.25 per cent in December …

Bank profits jump but rising interest rates are a double-edged sword
2 years, 1 month ago

Bank profits jump but rising interest rates are a double-edged sword

ABC  

Australia's big banks have raked in nearly $30 billion in 2022, but they are facing a tougher 2023, as some borrowers struggle with higher mortgage repayments as interest rates soar. Key points: Australia's big four banks made $28.5 billion in cash profits in 2022 Official rates have increased seven times since May to 2.85 per cent If unemployment rises, some …

Reserve Bank of Australia rejects 'scorched earth' policy to tame inflation with faster interest rate rises
2 years, 1 month ago

Reserve Bank of Australia rejects 'scorched earth' policy to tame inflation with faster interest rate rises

ABC  

Reserve Bank of Australia deputy governor Michele Bullock has said the bank wants to hang on to as much of the employment gains made during the pandemic as it can, even as it tries to cool the economy to tame inflation. Key points: RBA deputy governor says a "scorched earth" policy of rapid interest rate hikes would crush inflation quickly …

Reserve Bank warns Australians to brace for tough years ahead to get inflation under control
2 years, 1 month ago

Reserve Bank warns Australians to brace for tough years ahead to get inflation under control

ABC  

The Reserve Bank expects a couple of tough years for Australians, with real wages continuing to fall as inflation persists and unemployment starts to rise. Key points: RBA raises its inflation forecasts, with a peak of 8 per cent in December with the CPI still growing at 3.2 per cent at the end of 2024 Wages growth is expected to …

How does the RBA set interest rates each month? Why was this month's decision a close call?
2 years, 2 months ago

How does the RBA set interest rates each month? Why was this month's decision a close call?

ABC  

The Reserve Bank's deputy governor has offered a detailed insight into the process that goes into the RBA's interest rate decision every month, while the latest board minutes revealed this month's rate decision was "finely balanced". Key points: The RBA deputy governor says there was "an active discussion" at the last board meeting about the size of the rate increase …

Reserve Bank acknowledges its rapid rate hikes could force some people to sell their homes
2 years, 2 months ago

Reserve Bank acknowledges its rapid rate hikes could force some people to sell their homes

ABC  

The Reserve Bank of Australia has acknowledged that its rapid interest rate hikes could see some households with mortgages falling into arrears, forcing some to sell their homes or to enter foreclosure. Key points: The RBA says most households should be able to weather its interest rate hikes However, some households may be forced to sell their homes or enter …

RBA deputy governor Michele Bullock says outlook for global economy is 'quite worrying'
2 years, 3 months ago

RBA deputy governor Michele Bullock says outlook for global economy is 'quite worrying'

ABC  

The outlook for the global economy is "quite worrying" and it has implications for Australia, a Reserve Bank official has warned. Key points: The RBA says its emergency bond-buying program broadly achieved its aims Deputy governor Michele Bullock says there are problems in the global economy that could threaten Australia's recovery The RBA's ability to create money supported the economy …

More interest rate rises ahead but pace of increase set to slow, RBA governor says
2 years, 3 months ago

More interest rate rises ahead but pace of increase set to slow, RBA governor says

ABC  

Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises. Key points: RBA governor Philip Lowe warns of more rate rises ahead, but they may be smaller increases Mr Lowe said it would not surprise him if property prices fell 10 …

Reserve Bank boss Philip Lowe wants you to stop spending or he'll have to jack up interest rates
2 years, 3 months ago

Reserve Bank boss Philip Lowe wants you to stop spending or he'll have to jack up interest rates

ABC  

Where is Australia's economy headed? "The channels for flattening growth in demand include a very large negative wealth effect as house prices tumble, restricted growth in household disposable income as interest rates increase, record low consumer confidence, and increased borrowing costs for businesses," Mr Evans wrote. But this week, RBA governor Philip Lowe said inflation expectations were still an important …

Philip Lowe says the Reserve Bank will do 'what is necessary' to combat 'scourge' of high inflation
2 years, 3 months ago

Philip Lowe says the Reserve Bank will do 'what is necessary' to combat 'scourge' of high inflation

ABC  

The Reserve Bank governor has said he remains "committed to doing what is necessary" to prevent the "scourge" of high inflation taking hold, but did offer some hints that the pace of rate rises might soon slow. Key points: Philip Lowe says high inflation is a "scourge" that must be stopped from becoming entrenched The RBA governor said a global …

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