The former head of Australia's Reserve Bank's Economic Research department says inflation is smashing the economy and is at risk of becoming entrenched because the RBA has been slow to raise interest rates. Dr John Simon says in his view the RBA should raise rates again and the longer people have to get used to inflation above three per cent, the harder it will become to reduce it to within the central bank's target band of between two and three per cent.
Dr John Simon recently finished his 30-year career at the Reserve Bank, after having been the head of research for the last decade.
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