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The report suggests interest rates should be set by economic specialists rather than the board, while there would also be fewer rate-setting meetings and regular press conferences from the RBA governor to explain monetary policy.
The review was carried out by an independent panel of experts during the past six months.
The report will be delivered to federal Treasurer Jim Chalmers tomorrow, ahead of next week’s anticipated April interest rates announcement from the RBA.
Westpac Chief Economist Bill Evans said there would likely be a pause in rate hikes in April followed by a final increase in May.
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”We now expect a pause in April to be followed by a final increase of 0.25 per cent at the May meeting,” he said.
Currently the cash rate target of 3.6 per cent is the highest since May 2012, after the RBA hiked interest rates for 10 consecutive meetings.
The RBA’s target inflation rate is between 2 and 3 per cent.
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