The Reserve Bank hailed a prudent fiscal environment as the recipe for sustainable growth in its latest monetary policy review, which comes weeks before the Treasury is due to present its medium-term policy statement and after the central bank launched an aggressive fight against inflation.

“The global conditions are very volatile and in that kind of environment, if you make decisions or announce things that are not consistent with long-term sustainability then you run the risk of running bigger problems,” said Chris Loewald, head of economic research and monetary policy, in reference to the UK, where borrowing costs are now projected to nearly triple after it unveiled a debt-laden economic plan last month...

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