Australia headed towards economic 'soft landing', says Macquarie CEO

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March 10, 2024 11:31 PM EDT

FILE PHOTO: Chief Executive of the Macquarie Group Shemara Wikramanayake, is seen in this handout picture taken in Sydney, Australia in 2022 released on May 5, 2023. Macquarie Group and Alice Boshell/Handout via REUTERS/File Photo

SYDNEY (Reuters) - Australia's economy is set up for interest rate cuts in 2024 and a "soft landing" after a lengthy period of inflation, Macquarie Group CEO Shemara Wikramanayake said on Monday.

The country's unemployment rate was just below its pre-COVID level and inflation had slowed, Wikramanayake noted at the Australian Financial Review Business Summit.

"Central bankers seem to be getting to a point where they can now reduce rates later this year and deliver that soft landing that really none of us were forecasting," she said.

(Reporting by Byron Kaye; Editing by Jamie Freed)


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