Latest CPI data released recently has confirmed that inflation pressures are well contained.
This should give the Reserve Bank further confidence to reduce interest rates, according to Australian Industry Group Chief Executive Designate, Innes Willox.
"A major driver of the benign rise in overall consumer prices was the solid fall in prices of tradable goods and services, Mr Willox says.
“The fall in these prices also highlights the ongoing pressures faced by non-mining trade exposed industries such as manufacturing and tourism.
“Businesses in these sectors are facing greater competition in international and domestic markets while at the same time contending with wage increases and further rises in energy prices."