Economists are sticking to their guns when its comes to predicting a cash rate rise this year, even if the Reserve Bank of Australia's latest economic forecasts suggest it might be some way off.
The RBA released its quarterly statement on monetary policy, predicting faster economic growth in the near term, and sharply rising inflation and a drop in the unemployment rate below four per cent out to mid-2024.
But reiterating comments made by RBA governor Philip Lowe earlier this week, the quarterly statement released on Friday said the board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve.
