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Despite the constant media speculation that interest rates are set to rise this year, it is not an inevitability in 2022, according to the Reserve Bank of Australia Deputy Governor.
The Deputy Governor Guy Debelle told a Senate hearing that while a rate rise is possible this year people should not start to think it is inevitable, despite speculation building following strong inflation figures and a drop in the unemployment rate.
Debelle’s comments echo similar comments made last week by RBA Governor Philip Lowe. Debelle says whether or not the official interest rate rises will depend on how a number of things evolve.
The RBA and Treasury are predicting a 50-year low jobless rate of below 4% later this year. Unemployment hit a 13-year low of 4.2% in December.
Economists believe the next lot of jobs data will show that unemployment has dropped further, despite the disruptions caused by the COVID-19 Omicron variant to the economy.
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