RBA: Elevated rates weighing on growth

Effective action: Pedestrians walk past a Louis Vuitton store in Sydney. As the government battles to curb the rising cost of living, Albanese says his priority is to provide relief for the people while taking pressure off inflation. — Bloomberg

SYDNEY: Australia’s central bank says meetings with industry and community groups suggest rising prices and elevated interest rates are weighing on consumption and broader economic growth, according to Internal documents dated from September through November.

“Retailers report that consumers, particularly those facing higher cost-of-living pressures, are more budget conscious in their spending,” the Reserve Bank of Australia (RBA) said in a Sept 18 liaison update released under a Freedom of Information (FoI) request yesterday.