Brace yourselves, because interest rate cuts might be a distant dream for years to come. Economists are painting a rather bleak picture, suggesting that we might not see any relief until at least 2027. This forecast comes on the heels of a surprising surge in inflation, primarily driven by soaring electricity prices, which has sent the share market into a downward spiral. This unwelcome news has effectively extinguished any hopes of the Reserve Bank of Australia (RBA) implementing a rate cut, perhaps even on a day as significant as Melbourne Cup day.
But here's where it gets controversial...
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