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“At its latest meeting (December 2021) the Reserve Bank of Australia (RBA) board decided to maintain the cash rate target at its current level, stating ‘The emergence of the Omicron strain is a new source of uncertainty, but it is not expected to derail the recovery. The economy is expected to return to its pre-Delta path in the first half of 2022.’ However, some economists remain concerned. On December 1 2021, the Australian Bureau of Statistics (ABS) released data indicating a 4.8% fall in household consumption expenditure for the 2021 September quarter.”
Discuss this statement by reviewing the underlying reasons for the differing opinions of the RBA board and the economists. Referring to the current monetary policy and fiscal policy stances, justify whether these are appropriate given the current economic circumstances.