The Australia Institute is calling on the Reserve Bank of Australia to meet in January, before its next scheduled meeting on February 17-18, 2025.
After acknowledging that economic growth is at its lowest level since the 1990s, the RBA chose not to cut rates in December, leaving Australians to wait months for a potential rate cut.
“Economic management is a full-time job yet the RBA is taking a two-month summer holiday,” said Greg Jericho, The Australia Institute’s Chief Economist.
“Michele Bullock and Jim Chalmers constantly tell us they’re ‘fine tuning’ the economy. That can’t be done with the RBA board all at the cricket.
“With so many Australians suffering, the RBA should cut short its holiday and come back to work in January.”
“The board is currently scheduled to meet on February 17 and 18. It should meet on January 20 and 21,” said Matt Grudnoff, Senior Economist at The Australia Institute.
“If it’s good enough for most Australians to be back at work by then, it’s good enough for the RBA.
“Christmas is a busy time for the economy. Its certainly a difficult, expensive time for consumers. There would be plenty to discuss in January.
“Mortgage holders shouldn’t have to wait one day longer than necessary for an interest rate cut which, let’s face it, is already long overdue.”
