August 6 looms large as a potentially brutal day for households fearing another rate hike, after the Reserve Bank revealed concerns inflation was"returning to target more slowly than previously assumed."All eyes are on the Reserve Bank's August meeting, after minutes from its last interest rate decision revealed returning inflation to target was the bank's"highest priority" following a series of shock rises.
Although the board noted that the"gap was closing" between aggregate demand and supply, inflation expectations remained a risk and the RBA suggested"significantly higher interest rates" would be required to bring prices under control if there was a material increase. While the RBA acknowledged energy rebates and rental assistance from state and federal government's would act to reduce headline inflation, it noted the fall would be reversed in 2025.by increasing the amount of aggregate demand in the economy, but the board said it would not incorporate an"assessment of the impact" until it released its August forecasts.
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