They are concerned about inflation first and foremost but they already know that was going to happen because of petrol.
More Quotes from Michael Every:
Since the Reserve Bank of Australia raised rates in March, the housing market has just been going sideways. Rates are on hold until the third quarter of this year.Michael Every
The moderation is certainly very slow in arriving, even allowing for the usual lag in data, and these sectors' problems are clearly being mitigated by a pick-up in business investment and commodity exports.
Michael Every
These data back the RBA on hold and with a neutral bias for now, with the next move still looking down to us, albeit not until much later in the year.
Michael Every
For the Reserve Bank, this is likely to significantly dampen any thoughts of rate increases going forward. With higher oil prices and a weakening housing market, employment growth should be much more moderate ahead.
Michael Every
This report backs the Reserve Bank remaining on hold ahead. Weakness in retail and transport is being mitigated by a pickup in mining and construction.
Michael Every
Importantly, we believe that if oil prices drop back from present levels then CPI inflation may already have peaked year on year and should be on the way down over the rest of 2006 - potentially rapidly if oil reverses significantly.
Michael Every
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