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Treasurer, PM 'Aligned' Ahead of Productivity Roundtable - ABC Listen
The Reserve Bank of Australia cut the official interest rate to 3.6%, its third reduction this year, as productivity declines threaten slower living standard improvements, officials said.
- On Tuesday, the Reserve Bank of Australia lowered the official cash rate by a quarter of a percentage point to 3.6%, marking its third reduction this year amid revised, less optimistic productivity forecasts.
- The bank lowered its future productivity growth forecast from around 1% to 0.7% annually due to the economy consistently underperforming estimates.
- Governor Michele Bullock noted weak productivity is already affecting real wages, which are not rising much, and highlighted the government's role in improving productivity.
- Treasurer Jim Chalmers welcomed the rate cut as relief for millions of Australians but emphasized that addressing the long-term structural productivity challenge remains critical.
- The upcoming Economic Reform Roundtable aims to kickstart productivity-boosting reforms, as slower productivity growth indicates likely slower improvement in living standards and wages.
12 Articles
12 Articles
Treasurer, PM 'aligned' ahead of productivity roundtable - ABC listen
The Reserve Bank has delivered on a widely anticipated interest rate cut, announcing a 0.25 percentage point reduction to 3.6 per cent. It marks the third interest rate cut of the year, and comes as the government prepares for its productivity roundtable next week. Treasurer Jim Chalmers says the three-day event will inform the government's decisions, and "is a good opportunity to shake the tree for more ideas in our economy." Guest: Jim Chalm
RBA's rate cut announcement puts productivity and inflation in the spotlight
RBA forecasts spark debate on interest rates as productivity and inflation pressures come into focus amid market scrutiny. The Reserve Bank of Australia’s latest forecasts are fuelling debate over the path of interest rates, with productivity and inflation in the spotlight. The RBA is weighing productivity trends against inflation pressures. Investors are closely watching how RBA and Fed policy may align in coming months. #RBA #InterestRates #C…
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