Inflation falls for the fourth consecutive quarter
The Reserve Bank is nowhere near declaring victory in the war on inflation, but the data suggests we're closer to the end than the beginning. Inflation fell to 4.1% in the December 2023 quarter, compared to 7.8% the previous year, according to the Australian Bureau of Statistics. The Reserve Bank has forecast inflation will fall to 3.2% by the end of this year and 2.8% by the end of next year. However, in the minutes from the Reserve Bank's most recent monetary policy meeting, board members “noted that it would take some time before they could have sufficient confidence” that inflation would return to the target range of 2-3% within a reasonable period of time.
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