The Reserve Bank is coming into Christmas with its finger on the trigger, with an interest rate hike likely on the brink of the festive season. With inflation still getting away from Australia’s central bank, it is going to come down tough when it announces its rate decision today — a bank that seems soft is one people won’t trust to fight inflation. If inflation expectations keep rising, things could become very difficult. These expectations are a bit of a self-fulfilling prophecy. When you ask for more pay at work, they’re willing to give it because they are going to put prices up. When prices go up, you expected that anyway, and basically we end up with the same kind of economy, only with higher inflation.
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