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Economics update | November 25, 2022
25 Nov 2022
COP27 conclusion
The UN’s COP27 held in Sharm El Sheikh, Egypt, concluded late last week after two weeks of intense deliberation and negotiation. The conference went overtime to ensure the goals of mitigation, adaptation, finance and collaboration were met. A key outcome was the establishment of the Loss and Damage Fund, however, the details in terms of the size of the fund, who contributes and who benefits from it are yet to be determined.
Australia’s key announcements in the lead up to and during COP27 included signing up to the Global Methane Pledge, Green Shipping Challenge and Forests and Climate Leaders Partnership. The Hon Chris Bowen also launched Australia’s bid to co-host COP31 with the Pacific Island nations.
Dr Philip Lowe warns of further supply chains disruption and price instability
In a speech at the CEDA Annual Dinner Address in Melbourne, the RBA Governor acknowledged the impact supply chains disruptions have had on Australia’s high inflation, currently at 7.3 per cent, and its continued influence on inflation outcomes.
Dr Lowe identified four challenges that will hinder future supply chains, including increased trade restriction reversing globalisation, decreases to the working-age population, the frequency of extreme weather and climate events, and the global energy transition. All of which will place upward pressure on prices in the future.
With this foreboding of supply chain difficulties, Dr Lowe re-stated the RBA’s resoluteness to restore inflation to the target 2-3 per cent, noting the potential for future 50 basis point increases to the cash rate will depend on the changing economic outlook. The next RBA meeting is on December 6.
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