Perspective with Heather du Plessis-Allan: Anna Breman delivered a refreshingly boring OCR update
The Official Cash Rate has gone up by 25 basis points. This is the first rise we've seen in three years.
It was unanimous around the committee table that it needed to happen because of inflation. Even though petrol and diesel prices have fallen sharply since the Iran war ceasefire deal was struck, they're not back to pre-war levels yet and they won't be for some time. That, of course, is inflationary.
You know what struck me, though? Even though this is the first hike in the Official Cash Rate in three years and even though there wasn't consensus among high-profile economists that this should…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.