Interest Rate Rise ‘Cannot be Justified’: Deloitte

Senior economists have raised alarm bells about any further interest rate rises, warning it could crush business and household confidence. Deloitte Access Economics Partner Stephen Smith said any further increase in interest rates “cannot be justified” and would “pull the rug out from under a cautious economic recovery.” “Should rates stay on hold, the narrative of a strengthening Australian economy through the second half of 2024 would remain intact,” Mr. Smith said. Inflation data for the June 24 quarter is set to be released by the Australian Bureau of Statistics (ABS) on July 31. Mr. Smith outlined how two possible strategies from the RBA could result in completely different economic trajectories in the year ahead....