RBA MPoS:

Reuters reports that Australia's central bank on Friday downgraded the outlook for economic growth, warning that more rate hikes will be necessary to bring down sky-high inflation even as it strives to avoid an outright recession.

In its quarterly Statement on Monetary Policy, the Reserve Bank of Australia (RBA) raised its forecasts for inflation as it predicts higher wage growth ahead, and foreshadowed a faster pick-up in unemployment next year.

More to come...