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The Reserve Bank of Australia has left the door open to another increase in interest rates to rein in inflation, while warning unions that their expectations of inflation are too high, minutes from its June meeting revealed.
The minutes said the Fair Work Commission’s decision to increase all modern award wages by 4.75 per cent was higher than RBA economists had accounted for in its May forecasts, sparking a debate among the board’s nine members about how much it would affect other wage negotiations.
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