The Reserve Bank is expected to make a “short and sweet” announcement today.
Economists are expecting the OCR to remain untouched at 5.5%, as it has the last six times.
Westpac Chief Economist Kelly Eckhold told Ryan Bridge that the Reserve Bank said in May that interest rates would have to remain restrictive for a protracted period to get inflation down, so not much has changed for them.
While some banks are predicting a cut this year, Westpac is holding firm on their prediction of early next year.
Eckhold said that they don’t think that will change today, and while they’re all hoping there will be some interest rate relief soon, the reality is that inflation won't go away by itself.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com