Both economists and the Reserve Bank of Australia (RBA) are maintaining their positions on their respective forecasts for the economy after a strong recovery post-Delta. In its quarterly Statement on Monetary Policy (SOMP), the RBA said the economy bounced back strongly after Delta lockdowns and the effect of Omicron on spending has been “relatively small.” The central bank also upgraded its economic and inflation forecast, and downwardly revised its forecast for unemployment to eventually fall under four percent. “Backed by the Morrison government economic plan, which kept businesses in business and Australians in jobs during the greatest economic shock since the Great Depression, Australia has outperformed every major advanced economy and is well on the road to recovery,” Treasurer Josh Frydenberg told AAP. The statement reiterated that the board was “prepared to be patient” and monitor how the various factors affecting inflation in Australia will evolve before raising interest rates. …