Episode Details

Reserve Banks March meeting minutes reveal a split board, with a narrow five-to-four vote for a rate hike. The debate centered on timing, not the need for tighter policy. Four board members favored waiting until May for more data on the Iran wars impact, while all agreed inflation necessitates further action. The big four banks predict another hike in May, potentially pushing rates to pre-cutting cycle levels. Westpacs chief economist even suggests hikes in May, June, and August, which could raise rates to their highest in eighteen years. However, the federal governments decision to halve the fuel excise is causing concern, as it increases demand without corresponding supply, potentially setting the stage for the Reserve Bank to implement harsher measures as the minutes reveal more details.

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