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RBA counts on household spending but decent wage rises years away – Sydney Morning Herald

The Reserve Bank is relying on households to spend billions of dollars of savings over the next few years to underpin its sharply upgraded forecasts for the nation’s…



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But coronavirus-related restrictions can severely limit what people do with their money. The RBA found consumption growth rapidly improved after the height of the virus but moderated in March to about 1.5 per cent below its pre-pandemic levels due to short, sharp lockdowns in a number of states.
Under a bleaker outlook, where households choose or are forced to spend less than expected, this could lead to an unemployment rate of 5.5 per cent in 2023. Inflation would be far below the RBAs target at…

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