The RBA forecasts what's ahead – and it has flip flopped, with Dr. Andrew Wilson

The Reserve Bank thought it had time on its hands and could be patient in lifting interest rates. However, evidence of strong inflation caught the RBA by surprise and it has raised its forecasts for inflation and cut its forecasts for economic growth and unemployment.

The RBA forecasts that the economy will expand by 3.5 per cent over the year to June 2022, before picking up to a 4.25 per cent annual growth rate in December 2022. Underlying inflation is expected to exceed the top of the 2-3 per cent target band through to December 2023.

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