Reserve Bank rate hikes over, rate cuts are coming says OECD

The Reserve Bank's aggressive interest rate hiking strategy appears to be over although rates will stay high until there's firm evidence inflation has been tamed. The OECD is now predicting the RBA will cut interest rates by 0.75 percentage points from late 2024 as the economy crunches from 13 hikes since May 2022. Deloitte Access Economics partner Stephen Smith warns Australia's budget is in a "precarious position" with Australians "no longer getting ahead". Reporter: Peter Ryan, Senior Business Correspondent Featured: Mathias Cormann, OECD secretary-general; Stephen, Deloitte Access Economics partner