House Economics Committee keeps spotlight on RBA

THE House of Representatives Standing Committee on Economics will hold a public hearing with the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, and other senior RBA officials on Friday, February 17, 2023.

Committee Chair, Daniel Mulino MP, said, "Since the committee’s last public hearing in September last year, the RBA has raised the cash rate one percent — a cumulative rise of 3.25 percent since the RBA started hiking rates in May 2022. Right now, inflation is the primary challenge to Australia’s economy, with the latest CPI inflation figures reaching 7.8 percent over the year to the December quarter.

"This sharp increase in rates, unprecedented in recent times, has been creating pressure across households and the economy. While the RBA’s view is that inflation is likely to have peaked around the end of 2022, there is still considerable uncertainty in the economic outlook with further interest rate increases expected in the months ahead," Dr Mulino said.

"The committee takes its scrutiny of the RBA very seriously and will continue to examine how the challenges of tackling high inflation are evolving. The RBA’s mandate of returning inflation to the 2 to 3 percent range over time is vital, and there are many domestic and global factors that will need to be addressed."

Public hearing details

Date: Friday 17 February 2023
Time: 9.30am – 12.30pm
Location: Committee Room 2R1, Parliament House, Canberra

The hearing will be broadcast live at aph.gov.au/live.

 

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