Oil Crisis Forces RBA's Hand: Rate Hike Looms
Adelaide News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The latest Middle East war has caused a massive oil supply disruption, leading to soaring crude, gas, and fertilizer prices. This has pushed petrol costs up in Australia and Asia. The Reserve Bank of Australia is expected to raise interest rates this Tuesday, with another hike likely in May, to combat inflation. Despite criticism for not acting harder earlier, the bank aims to cool inflation slowly without causing a recession or higher unemployment. However, with ongoing supply disruptions and warnings from the International Monetary Fund, the bank faces challenging decisions.
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