Australia’s central bank has increased the base salary rate

Jim Chalmers, Australian Idist. Photo by Lukas Coch (AP/Scanpix).

Australia’s central bank raised the base wage rate to nearly eight-year highs on Tuesday as it tried, like its peers, to curb spiraling inflation, and warned that further similar steps, likely to trickle through domestic budgets, may lie ahead.

The Reserve Bank of Australia raised the rate by 50 basis points to 2.35%.

This is the highest level of the base salary rate since the beginning of 2015.

The path to bring prices back to a sustainable trajectory is narrow and driven by uncertainty, especially rising global events, the bank said in a statement.

It adds that while the rate hike will help bring inflation down to the target level, more inflation is expected in the coming months.

Inflation in Australia is at its highest since the beginning of the 10th decade and is expected to rise further in the coming months, according to the bank’s monetary policy-making board.

The Central Bank predicts that inflation will reach 7.75% this year, and up to 4% next year.

Jim Chalmers, an Australian economist, noted that the climate in Poland will be very painful for many Australians who have taken out mortgages.

The fact that we knew such a moment would come does not make the situation any easier for us. It is difficult, he said.

Higher wage rates will push budgets, J. Chalmers added.

With the onset of the crisis, central banks around the world were forced to raise interest rates, as inflation reached several decade highs.

It is believed that the European Central Bank (ECB) will announce the second interest rate increase on Thursday, and a few months later the US Federal Reserve System (FRS) will also undertake further interest rate increases.


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