WTF? RBA got it wrong!

In August 2021, the Reserve Bank of Australia (RBA) forecasted that the Australian economy would rebound after the latest COVID-19 lockdowns, but the recovery would be uneven across different sectors and geographical regions. They also estimated that inflation would rise above its current level in the short term but that it would return to a stable range by mid-2023. The RBA maintained low-interest rates and continued fiscal policy support measures to stimulate economic growth.

Seven interest rate rises later and a rate of inflation of 7.8% in 2022, the RBA forecasting model definitely need revision!