RBA is not expecting the interest rates to be raised until 2024
On 2nd of February 2021, The governor of Reserve Bank of Australia – Philip Lowe indicated that the interest rates is not expect to be raised until 2024. He also indicated that the rate of recovery which was expected initially and the rate of recovery of economy which is present now have some positive differences and stronger too. It has not only given a hope to the government but also improved the unemployment rate and brought it down to 6.6%
On other hand he also mentioned that pressure of wage and inflation will remain subdued. Dr. Lowe spoke to the board that they are not increasing the cash rate until the actual fluctuation comes within the target range of 2-3% which will definitely require some significate gains in employment. The board is not confident about this situation until 2024.
Information source : 7News