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RBA: Nominal wage growth has not been a source of inflation – Philip Lowe

The growth of nominal wages has not been a source of inflation“, declared the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, during his appearance before the Committee on Economic Law of the Senate, in Canberra.

Featured Comments

We are in data dependent mode.

There is no single variable that drives our decisions.

The reasons for weak productivity growth are complex.

We take inflation targeting seriously, we want to preserve the gains in the labor market.

Inflation expectations are well anchored, we cannot take them for granted.

Entrenched inflation would cause interest rates and unemployment to rise.

We will do what is necessary to ensure that inflation returns to the target range in the coming years.

The decision has been made not to sign new contracts with PWC until a satisfactory response is obtained on the tax controversy.

The budget has not changed the rate outlook.

We are on a narrow path, success is not guaranteed, it’s going to be painful for a while.

One of the factors driving the rate hike was the seriousness of the RBA in bringing down inflation.

Source: Fx Street

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