The Reserve Bank has played its part. Now it’s Jim Chalmers’ turn

November 3, 2026 — 5:46pm

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It may not be an official recession, but the Reserve Bank knows it may feel like one for plenty of Australians after it delivered another dose of monetary policy punishment to the country.

As it confirmed the fifth hike in official interest rates this year, the bank released its latest set of economic forecasts.

Despite a further tightening in monetary policy, the bank expects the economy to grow by 1.6 per cent in the year to June and keep on bumbling along from there. It doesn’t have a negative quarter of growth in its forecasts.

Much of that growth is being driven by the AI construction boom, which is close to hitting the sort of expansion that Australia witnessed during the early 2010s during the mining construction boom.

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© The Sydney Morning Herald