Australia’s top central banker on Wednesday said economic growth in the March quarter was expected to be very weak as high interest rates work to restrain demand.
Speaking before parliament, Reserve Bank of Australia (RBA) Governor Michele Bullock also said inflation was coming down but only slowly, which was why the central bank was still ruling nothing in or out on monetary policy.
Figures for gross domestic product (GDP) for the March quarter are due later on Wednesday and are expected to show annual growth slowed to 1.2 per cent, the lowest in three decades outside of the pandemic. – Reuters
