The Reserve Bank of Australia has warned workers should prepare for higher inflation in a world of more 'frequent supply shocks'. As Labor pushes ahead with legislating its industrial relations bill, R-B-A Governor Phillip Lowe says more flexibility in the labour market is needed.
Australians are being warned to expect higher inflation, and that workers shouldn't anticipate a pay rise anytime soon.
Reserve Bank Governor Phil Lowe says four main factors are to blame: the impacts of climate change, the aging of the world's working-population, a shift towards deglobalisation and the global energy transition.
The Reserve Bank is leaving all options on the table to squash inflation, including the return to 50 basis point rate hikes.
RBA governor Philip Lowe says the central bank also hadn't ruled out pausing interest rate hikes to let earlier policy tightening take effect.
Meanwhile, Liberal M-P Karen Andrews has delivered an emotional speech in the chamber while addressing the International Day for the Elimination of Violence Against Women.
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