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Petrol prices, supply chain disruptions and the withdrawal of coronavirus supports caused inflation to spike in the June quarter, but the lift will be transitory and unlikely to shift the Reserve Bankâs outlook for interest rates.
The extension of Sydneyâs lockdown on Wednesday for another month also caused some economists to rethink their expectations for when the central bank would begin lifting rates, as the economic outlook darkened.
Most notably, the Commonwealth Bank pushed back its hawkish November 2022 prediction to May 2023, and is forecasting a 2.7 per cent contraction in gross domestic product in the September quarter.
IMF Calls Australian Economy a Success Story
theepochtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theepochtimes.com Daily Mail and Mail on Sunday newspapers.
Australian Housing Values Rise to Record Levels as Affordability Crisis Worsens
theepochtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theepochtimes.com Daily Mail and Mail on Sunday newspapers.