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Make no mistake, Treasurer Josh Frydenberg has pulled off a minor miracle saving Australia’s prized AAA credit rating, which has helped borrowers avoid the equivalent of half a 25-basis-point interest rate hike, writes Christopher Joye.
RBA shouldn t relent in jobs pursuit
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Leading economists say the Reserve Bank of Australia will need to maintain ultra-accommodative policy until the jobless rate is well below 5 per cent if it is to achieve full employment and revive wages growth.
While the jobs market has shown signs of recovery in recent months, the central bank has committed to maintain low rates until 2023 after declaring a lower jobless rate an important national priority and linking wages growth to its ability to return inflation to between 2 per cent and 3 per cent.
Reserve Bank of Australia governor Philip Lowe is prioritising jobs over inflation.