This week, RBA Governor Philip Lowe spoke about the department’s monetary policy intervention to tackle inflation in the evolving economic environment. Over the last six months, similar factors have continued to put pressure on food and energy prices – namely the war in Ukraine, foods on the East coast, and Covid lockdowns in China.
This week the NAB released the May monthly business survey, reporting an easing in confidence but a strong outlook for conditions. Despite fears, forward indicators suggest that businesses still maintain a relatively positive outlook for the Australian economy.
This week the Australian Bureau of Statistics reported a second consecutive quarter of GDP growth. Australian GDP rose by 0.8% in the March quarter and was up 3.3% through the year, a more subdued increase following the rise in the last December quarter.