The RBA at night. Photo: RBA
The Reserve Bank of Australia is preparing for a long period of subdued inflation, as board members expect weak demand to be the dominant factor in the coming months.
Minutes of the central bank’s August 4 monetary policy meeting highlight various potential scenarios for inflation, all of which expect inflation to remain below the 2% target over the full policy horizon. Members viewed it likely that “significant spare capacity, high unemployment and slow wages growth” would hold inflation down
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