The Reserve Bank held interest rates steady on Tuesday but did not rule out further increases as it warned that high petrol prices and a tight jobs market would push inflation higher in the coming months.
RBA governor Michele Bullock. The Reserve Bank has lifted its key forecasts for inflation, which is currently at 3.6 per cent.The higher inflation forecasts put pressure on the government to restrain spending to keep rising prices in check. “Higher petrol prices, the legislated end of energy rebates and stronger recent data will lift headline inflation in the near term,” the report said.
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