RBA
The RBA lifted the cash rate to 3.35% in February 2023.
Key statements include:
- Global inflation remains high, but is moderating in response to lower
energy prices, supply-chain resolutions and tighter monetary policy. - The central forecast for inflation in 2023 is 4.75%, followed by 3.0%
by mid-2025. GDP growth is expected to slow to 1.5% in 2023 and
2024, and unemployment is expected to reach 4.5% by mid-2025. - The RBA noted they are keeping a close eye on labour costs, which
are continuing to pick up from recent low rates. - The Board acknowledged a lag in the operation of monetary policy,
and that there is uncertainty about the timing and extent of a
slowdown in household spending. - The Board expects that further increases in interest rates will be
needed over the months ahead to ensure that inflation returns to
target and that this period of high inflation is only temporary.
National Sales
Sales volumes continue to trend lower as buyer demand slows. CoreLogic estimate that in the 12 months to January there were 500,550 sales nationally, down -19.1% compared to the previous year. While sales are down from last year the sales figures are still 4.6% above the decade average annual sales volume.
