Today’s minutes from the latest meeting of the Reserve Bank board show it seriously considered raising interest rates two weeks ago when it became the first western central bank to pause its rate-hike cycle.
The minutes reiterate statements from Governor Philip Lowe last week that more increases are likely to be needed, with ongoing inflation likely to be created by strong migration and the push to public sector wages.
The RBA noted electricity price rises of between 20-30 per cent will add around a quarter of a per cent to the annual inflation rate.
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