By Stella Qiu SYDNEY (Reuters) - When Michele Bullock takes over as the first woman to head Australia's central bank on Monday, she inherits an economy ...
By Stella Qiu SYDNEY - When Michele Bullock takes over as the first woman to head Australia's central bank on Monday, she inherits an economy with inflation moderating, employment strong andBy Stella Qiu
The RBA raised rates by 400 basis points in the 13 months through June to an 11-year high 4.1%, and consumer price inflation has slowed to 4.9% in July from 8.4% in December. The bank forecasts it will return to the RBA's 2%-3% target band in late 2025. The risks of a price-wage spiral and an upward shift in inflation expectations remain,"but it looks like everything is going pretty much to the plan, and we have got to be pretty happy about that," she said.
Lowe was subjected to unprecedented media scrutiny and public criticism for saying during COVID-19 that the RBA's central case was that rates were unlikely to rise until 2024 - only to reverse course in May 2022 as inflation surged.Treasurer Jim Chalmers thanked Lowe on Friday for his service and said he was looking forward to continuing to work with Bullock.
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Bullock takes over at Australia central bank with soft landing in sightWhen Michele Bullock takes over as the first woman to head Australia's central bank on Monday, she inherits an economy with inflation moderating, employment strong and growth still afloat. The Reserve Bank of Australia (RBA) has been on hold for three months after raising interest rates aggressively for more than a year. Markets are wagering Bullock will keep them steady in her first meeting as governor next month, and some economists say that her eventual first policy change might be a rate cut.
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