CBA pushes back rate cut prediction because of inflation | The Business | ABC News
The head of Australian economics at CBA, Gareth Aird no longer thinks the RBA will deliver a rate cut in 2024 after third quarter inflation showed the underlying measure was stronger than he had expected.
CBA had forecast a quarter of a percentage point rate cut from the RBA in December, but now think that rate cut will occur in February.
That puts CBA in line with the bulk of major economists predicting for a February rate cut.
Gareth Aird says the strength of the labour market has been surprising, with the unemployment rate at 4.1 per cent while the economy is only growing at a rate of 0.2 per cent.
The Reserve Bank does not meet in January. The official cash rate is currently 4.35 per cent.
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