{"id":16694,"date":"2026-08-30T09:00:00","date_gmt":"2026-08-29T23:00:00","guid":{"rendered":"https:\/\/geoffreychen.com\/?p=16694"},"modified":"2026-08-30T09:00:00","modified_gmt":"2026-08-29T23:00:00","slug":"inflation-target-2-3-mortgage","status":"publish","type":"post","link":"https:\/\/geoffreychen.com\/zh\/inflation-target-2-3-mortgage\/","title":{"rendered":"\u4e3a\u4ec0\u4e482%\u81f33%\u7684\u901a\u80c0\u76ee\u6807\u4f1a\u6539\u53d8\u4f60\u7684\u623f\u8d37\uff1f"},"content":{"rendered":"<\/p>\n<p><em>\u300a\u5f53\u6570\u5b57\u5f00\u59cb\u505a\u51b3\u5b9a\u300b\u00b7 \u7b2c\u4e8c\u5b63\u201c\u5f53\u6307\u6807\u6210\u4e3a\u76ee\u6807\u201d\u00b7 \u7b2c\u5341\u4e00\u7bc7<\/em><\/p>\n<h2>\u4e00\u3001\u7edf\u8ba1\u6570\u5b57\u600e\u6837\u8fdb\u5165\u6bcf\u6708\u8fd8\u6b3e<\/h2>\n<p>\u4e00\u540d\u6d6e\u52a8\u5229\u7387\u623f\u8d37\u501f\u6b3e\u4eba\u5e76\u6ca1\u6709\u5411Reserve Bank of Australia\uff08RBA\uff09\u501f\u94b1\uff0cRBA\u4e5f\u4e0d\u4f1a\u9010\u6237\u8bbe\u5b9a\u623f\u8d37\u5229\u7387\u3002\u4f46\u5f53Monetary Policy Board\u6539\u53d8cash rate target\uff0c\u94f6\u884c\u878d\u8d44\u548c\u5e02\u573a\u5229\u7387\u901a\u5e38\u968f\u4e4b\u6539\u53d8\uff0c\u5b58\u8d37\u6b3e\u5229\u7387\u518d\u628a\u5f71\u54cd\u4f20\u7ed9\u5bb6\u5ead\u3002\u6309\u63ed\u6708\u4f9b\u53ef\u80fd\u4e0a\u5347\uff0c\u53ef\u652f\u914d\u6536\u5165\u4e0b\u964d\uff0c\u6d88\u8d39\u653e\u7f13\uff0c\u6700\u7ec8\u5f71\u54cd\u5168\u793e\u4f1a\u9700\u6c42\u548c\u901a\u80c0\u3002<\/p>\n<p>\u8fd9\u6761\u94fe\u4ece\u4e00\u4e2a\u5b8f\u89c2\u76ee\u6807\u5f00\u59cb\uff1a\u628a\u5e74\u5ea6\u6d88\u8d39\u4ef7\u683c\u901a\u80c0\u7ef4\u6301\u57282%\u81f33%\u30022025\u5e74\u653f\u5e9c\u4e0eRBA\u7684Statement on the Conduct of Monetary Policy\u660e\u786e\u89c4\u5b9a\uff0c\u6240\u6709\u533a\u95f4\u5185\u7ed3\u679c\u90fd\u4e0e\u4ef7\u683c\u7a33\u5b9a\u76ee\u6807\u4e00\u81f4\uff1bRBA\u8bbe\u5b9a\u653f\u7b56\uff0c\u4f7f\u901a\u80c0\u9884\u671f\u56de\u5230\u533a\u95f4\u4e2d\u70b9\uff0c\u4f46\u6240\u9700\u65f6\u95f4\u53d6\u51b3\u4e8e\u7ecf\u6d4e\u60c5\u51b5\uff0c\u5e76\u8981\u5e73\u8861\u4ef7\u683c\u7a33\u5b9a\u4e0e\u5145\u5206\u5c31\u4e1a\u3002<a href=\"https:\/\/www.rba.gov.au\/monetary-policy\/framework\/stmt-conduct-mp-9-2025-07-10.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aStatement on the Conduct of Monetary Policy, 10 July 2025<\/a><\/p>\n<p>\u56e0\u6b64\uff0c2%\u81f33%\u4e0d\u662f\u5728\u67d0\u6b21CPI\u516c\u5e03\u8d85\u8fc73.0%\u65f6\u81ea\u52a8\u89e6\u53d1\u52a0\u606f\u7684\u786c\u95e8\u69db\u3002\u5b83\u662f\u4e00\u4e2a\u4e2d\u671f\u3001\u524d\u77bb\u3001\u5e26\u6709\u88c1\u91cf\u7684\u76ee\u6807\u6846\u67b6\u3002\u6570\u5b57\u5f00\u59cb\u505a\u51b3\u5b9a\u7684\u65b9\u5f0f\uff0c\u4e0d\u662f\u516c\u5f0f\u76f4\u63a5\u6539\u5199\u623f\u8d37\uff0c\u800c\u662f\u5236\u5ea6\u8981\u6c42Board\u89e3\u91ca\u600e\u6837\u7528\u5229\u7387\u548c\u5176\u4ed6\u5224\u65ad\u628a\u7ecf\u6d4e\u5e26\u56de\u76ee\u6807\u3002<\/p>\n<h2>\u4e8c\u3001\u4e3a\u4ec0\u4e48\u504f\u504f\u662f2%\u81f33%\uff1f<\/h2>\n<p>RBA\u57281990\u5e74\u4ee3\u521d\u91c7\u7528\u901a\u80c0\u76ee\u6807\uff0c1996\u5e74\u4e0e\u653f\u5e9c\u6b63\u5f0f\u5199\u5165\u5171\u540c\u58f0\u660e\u3002\u5b98\u65b9\u89e3\u91ca\u8ba4\u4e3a\uff0c2%\u81f33%\u8db3\u591f\u4f4e\uff0c\u4e0d\u81f4\u663e\u8457\u5e72\u6270\u65e5\u5e38\u7ecf\u6d4e\u51b3\u5b9a\uff1b\u53c8\u4e0d\u4f4e\u5230\u4f7f\u7ecf\u6d4e\u96be\u4ee5\u8c03\u6574\u3001\u771f\u5b9e\u5229\u7387\u96be\u4ee5\u5728\u8870\u9000\u65f6\u964d\u5230\u8d1f\u503c\u3002\u533a\u95f4\u8fd8\u4e3aCPI\u6d4b\u91cf\u504f\u5dee\u548c\u77ed\u671f\u6ce2\u52a8\u7559\u51fa\u7a7a\u95f4\u3002<a href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/australias-inflation-target.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aAustralia\u2019s Inflation Target<\/a><\/p>\n<p>\u8fd9\u4e0d\u662f\u81ea\u7136\u5e38\u6570\u3002\u5176\u4ed6\u7ecf\u6d4e\u4f53\u53ef\u4ee5\u9009\u62e9\u4e0d\u540c\u76ee\u6807\uff0c\u5386\u53f2\u73af\u5883\u4e5f\u5f71\u54cd\u6fb3\u6d32\u7684\u9009\u62e9\u30022%\u81f33%\u628a\u201c\u4f4e\u800c\u7a33\u5b9a\u7684\u901a\u80c0\u201d\u8fd9\u4e00\u8fde\u7eed\u76ee\u6807\u5f3a\u5236\u5f62\u6210\u53ef\u6c9f\u901a\u7ed3\u6784\uff1a\u516c\u4f17\u77e5\u9053\u5927\u81f4\u951a\u70b9\uff0cBoard\u53ef\u4ee5\u88ab\u95ee\u8d23\uff0c\u5de5\u8d44\u3001\u5b9a\u4ef7\u548c\u957f\u671f\u5408\u540c\u4e5f\u6709\u5171\u540c\u9884\u671f\u3002<\/p>\n<p>\u9009\u62e9\u533a\u95f4\u800c\u975e\u5355\u70b9\u5f88\u91cd\u8981\u3002\u82e52.51%\u4e0e2.49%\u88ab\u5f53\u4f5c\u653f\u7b56\u6210\u529f\u4e0e\u5931\u8d25\uff0c\u7edf\u8ba1\u566a\u58f0\u4f1a\u4ea7\u751f\u4e0d\u5fc5\u8981\u884c\u52a8\uff1b2%\u81f33%\u627f\u8ba4\u6d4b\u91cf\u4e0e\u653f\u7b56\u4f20\u5bfc\u4e0d\u7cbe\u786e\u30022025\u58f0\u660e\u53c8\u8981\u6c42\u56de\u5230\u4e2d\u70b9\uff0c\u800c\u4e0d\u662f\u53ea\u8981\u505c\u57282.99%\u5c31\u6c38\u4e45\u6ee1\u8db3\uff0c\u9632\u6b62\u51b3\u7b56\u8005\u53ea\u4f18\u5316\u6700\u5bb9\u6613\u8fbe\u5230\u7684\u533a\u95f4\u8fb9\u7f18\u3002<\/p>\n<h2>\u4e09\u3001\u76ee\u6807\u6d4b\u91cf\u7684\u662f\u8c01\u7684\u4ef7\u683c\uff1f<\/h2>\n<p>\u901a\u80c0\u76ee\u6807\u4f7f\u7528ABS\u72ec\u7acb\u7f16\u5236\u7684Consumer Price Index\uff08CPI\uff09\u5e74\u5ea6\u53d8\u5316\u3002\u81ea2025\u5e74\u5e95\u5b8c\u6574\u6708\u5ea6CPI\u542f\u7528\u540e\uff0c\u6708\u5ea6CPI\u6210\u4e3a\u6fb3\u6d32\u5e74\u5ea6\u603b\u4f53\u901a\u80c0\u7684\u4e3b\u8981\u8861\u91cf\u548cRBA\u76ee\u6807\u57fa\u51c6\u3002<a href=\"https:\/\/www.rba.gov.au\/publications\/smp\/2025\/nov\/box-c-the-transition-to-a-complete-monthly-cpi.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aThe Transition to a Complete Monthly CPI<\/a>CPI\u8ffd\u8e2a\u4ee3\u8868\u6027\u5bb6\u5ead\u6d88\u8d39\u7bee\u5b50\u7684\u4ef7\u683c\uff0c\u4e0d\u7b49\u4e8e\u6bcf\u4e2a\u5bb6\u5ead\u81ea\u5df1\u7684\u751f\u6d3b\u6210\u672c\u3002\u7b2c\u4e00\u5b63\u7b2c\u4e8c\u7bc7\u5df2\u7ecf\u8ba8\u8bba\u8fd9\u4e00\u70b9\uff1a\u6709\u623f\u8d37\u5bb6\u5ead\u3001\u79df\u6237\u3001\u9000\u4f11\u8005\u548c\u6709\u5e7c\u513f\u5bb6\u5ead\u9762\u5bf9\u7684\u4ef7\u683c\u7ec4\u5408\u4e0d\u540c\u3002<\/p>\n<p>\u8fd9\u5e76\u4e0d\u4f7fCPI\u4e0d\u9002\u5408\u8d27\u5e01\u653f\u7b56\u3002\u5168\u56fd\u4e2d\u592e\u94f6\u884c\u9700\u8981\u4e00\u4e2a\u516c\u5f00\u3001\u7a33\u5b9a\u3001\u8986\u76d6\u5e7f\u7684\u603b\u4f53\u4ef7\u683c\u6307\u6807\uff0c\u4e0d\u80fd\u4e3a\u6bcf\u6237\u8bbe\u5b9a\u5229\u7387\u3002CPI\u5386\u53f2\u6570\u636e\u901a\u5e38\u4e0d\u88ab\u4fee\u8ba2\uff0c\u4e5f\u6709\u52a9\u4e8e\u95ee\u8d23\u3002<\/p>\n<p>\u95ee\u9898\u5728\u4e8e\u5b8f\u89c2\u5e73\u5747\u4ea7\u751f\u5fae\u89c2\u5dee\u5f02\u3002\u653f\u7b56\u7528\u5168\u56fd\u901a\u80c0\u964d\u6e29\u65f6\uff0c\u73b0\u91d1\u6d41\u51b2\u51fb\u9996\u5148\u96c6\u4e2d\u5728\u6709\u6d6e\u52a8\u503a\u52a1\u7684\u5bb6\u5ead\uff1b\u6ca1\u6709\u623f\u8d37\u7684\u50a8\u6237\u53ef\u80fd\u56e0\u5b58\u6b3e\u5229\u7387\u4e0a\u5347\u83b7\u5f97\u66f4\u591a\u6536\u5165\uff1b\u79df\u6237\u53ef\u80fd\u901a\u8fc7\u623f\u4e1c\u878d\u8d44\u6210\u672c\u3001\u4f4f\u623f\u4f9b\u7ed9\u548c\u9700\u6c42\u53d7\u5230\u95f4\u63a5\u5f71\u54cd\u3002\u4e00\u4e2a\u5171\u540c\u76ee\u6807\u901a\u8fc7\u4e0d\u5747\u5300\u6e20\u9053\u5b9e\u73b0\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u901a\u80c0\u76ee\u6807\u7684\u6b63\u5f53\u6027\u4e0d\u80fd\u53ea\u770bCPI\u662f\u5426\u56de\u5230\u533a\u95f4\uff0c\u8fd8\u5e94\u8003\u8651\u5b9e\u73b0\u8def\u5f84\u5bf9\u5c31\u4e1a\u3001\u6536\u5165\u548c\u4e0d\u540c\u7fa4\u4f53\u7684\u5f71\u54cd\u3002\u8fd9\u6b63\u662f\u201c\u7075\u6d3b\u201d\u4e0e\u5145\u5206\u5c31\u4e1a\u53cc\u91cd\u76ee\u6807\u7684\u610f\u4e49\u3002<\/p>\n<h2>\u56db\u3001\u4ece\u76ee\u6807\u5230\u623f\u8d37\u6709\u591a\u5c11\u5c42\u51b3\u5b9a\uff1f<\/h2>\n<p>\u7b2c\u4e00\u5c42\u662f\u7edf\u8ba1\u5224\u65ad\uff1a\u5f53\u524d\u901a\u80c0\u7531\u54ea\u4e9b\u9879\u76ee\u63a8\u52a8\uff0c\u662f\u4e34\u65f6\u4f9b\u5e94\u51b2\u51fb\u8fd8\u662f\u6301\u7eed\u9700\u6c42\u538b\u529b\u3002RBA\u4e0d\u4f1a\u673a\u68b0\u56de\u5e94\u6bcf\u6b21\u6cb9\u4ef7\u3001\u5929\u6c14\u6216\u5b63\u8282\u6027\u53d8\u5316\uff0c\u800c\u4f1a\u533a\u5206\u6682\u65f6\u548c\u6301\u7eed\u56e0\u7d20\u3002<\/p>\n<p>\u7b2c\u4e8c\u5c42\u662f\u9884\u6d4b\u4e0e\u98ce\u9669\u5224\u65ad\u3002\u8d27\u5e01\u653f\u7b56\u5f71\u54cd\u6709\u65f6\u6ede\uff0cBoard\u5fc5\u987b\u5224\u65ad\u672a\u6765\u901a\u80c0\uff0c\u800c\u975e\u53ea\u60e9\u7f5a\u5df2\u7ecf\u53d1\u751f\u7684\u8fc7\u53bb\u6570\u5b57\u3002\u9884\u6d4b\u53ef\u80fd\u51fa\u9519\uff0c\u4f20\u5bfc\u901f\u5ea6\u4e5f\u4e0d\u7a33\u5b9a\u3002<\/p>\n<p>\u7b2c\u4e09\u5c42\u662f\u653f\u7b56\u5de5\u5177\u3002Board\u8bbe\u5b9a\u9694\u591c\u94f6\u884c\u95f4\u65e0\u62c5\u4fdd\u8d37\u6b3e\u7684cash rate target\u3002\u5b83\u5f3a\u70c8\u5f71\u54cd\u5176\u4ed6\u5229\u7387\uff0c\u5374\u4e0d\u662f\u96f6\u552e\u623f\u8d37\u7684\u6cd5\u5b9a\u4ef7\u683c\u3002<\/p>\n<p>\u7b2c\u56db\u5c42\u662f\u94f6\u884c\u51b3\u5b9a\u3002\u94f6\u884c\u6839\u636e\u878d\u8d44\u6210\u672c\u3001\u7ade\u4e89\u3001\u98ce\u9669\u548c\u5229\u6da6\u51b3\u5b9a\u623f\u8d37\u4f20\u5bfc\u5e45\u5ea6\u4e0e\u65f6\u95f4\u3002\u73b0\u91d1\u5229\u7387\u76f8\u540c\uff0c\u4e0d\u540c\u8d37\u6b3e\u4ea7\u54c1\u548c\u5ba2\u6237\u4ecd\u53ef\u80fd\u9762\u5bf9\u4e0d\u540c\u53d8\u5316\u3002<\/p>\n<p>\u7b2c\u4e94\u5c42\u662f\u5bb6\u5ead\u4e0e\u4f01\u4e1a\u9002\u5e94\u3002\u501f\u6b3e\u4eba\u51cf\u5c11\u6d88\u8d39\u3001\u63a8\u8fdf\u6295\u8d44\u6216\u52a0\u5feb\u8fd8\u6b3e\uff0c\u50a8\u6237\u6539\u53d8\u50a8\u84c4\uff0c\u6c47\u7387\u548c\u8d44\u4ea7\u4ef7\u683c\u4e5f\u4f1a\u79fb\u52a8\u3002\u8fd9\u4e9b\u5206\u6563\u884c\u4e3a\u5171\u540c\u5f71\u54cd\u9700\u6c42\u3001\u5c31\u4e1a\u548c\u4ef7\u683c\u3002<\/p>\n<p>RBA\u628a\u8fd9\u4e00\u8fc7\u7a0b\u79f0\u4e3amonetary policy transmission\uff0c\u5e76\u660e\u786e\u627f\u8ba4\u5f71\u54cd\u7684\u65f6\u95f4\u548c\u89c4\u6a21\u5b58\u5728\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6027\u3002<a href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/the-transmission-of-monetary-policy.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aThe Transmission of Monetary Policy<\/a><\/p>\n<h2>\u4e94\u3001\u76ee\u6807\u80fd\u5426\u53cd\u8fc7\u6765\u5236\u9020\u5b83\u60f3\u6d4b\u91cf\u7684\u73b0\u5b9e\uff1f<\/h2>\n<p>\u901a\u80c0\u76ee\u6807\u7684\u4e00\u4e2a\u6838\u5fc3\u529f\u80fd\u662f\u951a\u5b9a\u9884\u671f\u3002\u82e5\u5de5\u4eba\u3001\u4f01\u4e1a\u548c\u5bb6\u5ead\u76f8\u4fe1\u901a\u80c0\u4f1a\u957f\u671f\u4fdd\u6301\u57282%\u81f33%\u5de6\u53f3\uff0c\u5de5\u8d44\u3001\u4ef7\u683c\u548c\u5408\u540c\u4e0d\u5fc5\u4e3a\u9ad8\u4e14\u4e0d\u7a33\u5b9a\u7684\u901a\u80c0\u7559\u51fa\u5de8\u5927\u7f13\u51b2\u3002\u76ee\u6807\u56e0\u88ab\u76f8\u4fe1\u800c\u5e2e\u52a9\u5b9e\u73b0\u81ea\u5df1\u3002<\/p>\n<p>\u8fd9\u662f\u4e00\u79cd\u4e0d\u540c\u4e8e\u201c\u5237\u5206\u201d\u7684\u53cd\u9988\u3002\u94f6\u884c\u3001\u4f01\u4e1a\u548c\u5bb6\u5ead\u786e\u5b9e\u56f4\u7ed5\u6307\u6807\u8c03\u6574\uff0c\u4f46\u8c03\u6574\u672c\u8eab\u53ef\u80fd\u7a33\u5b9a\u7ecf\u6d4e\u3002\u76ee\u6807\u4e0d\u662f\u88ab\u52a8\u6e29\u5ea6\u8ba1\uff0c\u800c\u662f\u516c\u5171\u627f\u8bfa\u3002<\/p>\n<p>\u540c\u4e00\u673a\u5236\u4e5f\u53ef\u80fd\u4ea7\u751f\u98ce\u9669\u3002\u5982\u679cBoard\u4e3a\u7ef4\u62a4\u4fe1\u8a89\u800c\u8fc7\u5feb\u538b\u4f4e\u4f9b\u5e94\u51b2\u51fb\u9020\u6210\u7684\u901a\u80c0\uff0c\u53ef\u80fd\u4e0d\u5fc5\u8981\u5730\u589e\u52a0\u5931\u4e1a\u548c\u501f\u6b3e\u4eba\u538b\u529b\uff1b\u5982\u679c\u5e02\u573a\u4e0d\u76f8\u4fe1RBA\u4f1a\u884c\u52a8\uff0c\u901a\u80c0\u9884\u671f\u53ef\u80fd\u4e0a\u5347\uff0c\u4f7f\u6062\u590d\u7a33\u5b9a\u7684\u6210\u672c\u66f4\u5927\u3002\u6743\u5a01\u4e0d\u80fd\u53ea\u6765\u81ea\u4e00\u4e2a\u6570\u5b57\uff0c\u5fc5\u987b\u6765\u81ea\u5236\u5ea6\u80fd\u89e3\u91ca\u53d6\u820d\u3001\u627f\u8ba4\u9884\u6d4b\u8bef\u5dee\u5e76\u6301\u7eed\u627f\u62c5\u540e\u679c\u3002<\/p>\n<p>2025\u58f0\u660e\u56e0\u6b64\u8981\u6c42\uff0c\u5f53\u901a\u80c0\u9884\u671f\u663e\u8457\u504f\u79bb2%\u81f33%\u4e2d\u70b9\uff0c\u6216\u52b3\u52a8\u5e02\u573a\u504f\u79bb\u6301\u7eed\u5145\u5206\u5c31\u4e1a\u65f6\uff0cBoard\u8bf4\u660e\u9884\u8ba1\u4f55\u65f6\u91cd\u65b0\u5b9e\u73b0\u76ee\u6807\u4ee5\u53ca\u539f\u56e0\u3002\u89e3\u91ca\u4e0d\u662f\u4f20\u64ad\u9644\u5c5e\u54c1\uff0c\u800c\u662f\u7075\u6d3b\u76ee\u6807\u83b7\u5f97\u6b63\u5f53\u6027\u7684\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n<h2>\u516d\u3001\u600e\u6837\u8bc4\u4ef7\u4e00\u6b21\u52a0\u606f\u662f\u5426\u201c\u6210\u529f\u201d\uff1f<\/h2>\n<p>\u4e0d\u80fd\u53ea\u95ee\u4e0b\u4e00\u5b63\u5ea6CPI\u662f\u5426\u4e0b\u964d\u3002\u80fd\u6e90\u4ef7\u683c\u81ea\u884c\u56de\u843d\u4e5f\u4f1a\u964d\u4f4e\u901a\u80c0\uff1b\u52a0\u606f\u53ef\u80fd\u5c1a\u672a\u5b8c\u5168\u4f20\u5bfc\u3002\u4e5f\u4e0d\u80fd\u53ea\u770b\u623f\u4ef7\u3001\u6c47\u7387\u6216\u6309\u63ed\u538b\u529b\uff0c\u56e0\u4e3a\u8d27\u5e01\u653f\u7b56\u540c\u65f6\u8ffd\u6c42\u4ef7\u683c\u7a33\u5b9a\u4e0e\u5145\u5206\u5c31\u4e1a\u3002<\/p>\n<p>\u8f83\u5b8c\u6574\u7684\u8bc4\u4ef7\u9700\u8981\u68c0\u67e5\uff1a\u5b9e\u9645\u4e0e\u57fa\u7840\u901a\u80c0\u8d8b\u52bf\u3001\u901a\u80c0\u9884\u671f\u3001\u5de5\u8d44\u548c\u751f\u4ea7\u7387\u3001\u5c31\u4e1a\u4e0e\u5de5\u65f6\u3001\u6d88\u8d39\u548c\u6295\u8d44\u3001\u4fe1\u8d37\u6761\u4ef6\u3001\u4e0d\u540c\u5bb6\u5ead\u73b0\u91d1\u6d41\uff0c\u4ee5\u53ca\u9884\u6d4b\u8bef\u5dee\u548c\u653f\u7b56\u65f6\u6ede\u3002\u8fd8\u8981\u8bf4\u660e\u4e0e\u653f\u5e9c\u8d22\u653f\u3001\u4f4f\u623f\u3001\u7ade\u4e89\u548c\u4f9b\u5e94\u653f\u7b56\u7684\u8fb9\u754c\uff0c\u4e0d\u80fd\u628a\u6240\u6709\u4ef7\u683c\u95ee\u9898\u90fd\u59d4\u6258\u7ed9\u5229\u7387\u3002<\/p>\n<p>2022\u5e745\u6708\u81f32023\u5e7411\u6708\uff0cRBA\u628acash rate target\u7d2f\u8ba1\u63d0\u9ad8425\u4e2a\u57fa\u70b9\u3002RBA\u5b98\u5458\u57282023\u5e74\u89e3\u91ca\uff0c\u5176\u4e2d\u73b0\u91d1\u6d41\u6e20\u9053\u4f1a\u63d0\u9ad8\u8d1f\u503a\u5bb6\u5ead\u5229\u606f\u652f\u51fa\uff0c\u51cf\u5c11\u53ef\u7528\u4e8e\u5176\u4ed6\u6d88\u8d39\u7684\u6536\u5165\u3002<a href=\"https:\/\/www.rba.gov.au\/speeches\/2023\/sp-ag-2023-10-11.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aChannels of Transmission<\/a> \u8fd9\u8bf4\u660e\u6309\u63ed\u538b\u529b\u4e0d\u662f\u653f\u7b56\u610f\u5916\uff0c\u800c\u662f\u4f20\u5bfc\u7684\u4e00\u90e8\u5206\uff1b\u6b63\u56e0\u4e3a\u5982\u6b64\uff0cBoard\u5fc5\u987b\u628a\u5b83\u89c6\u4e3a\u9700\u8981\u89e3\u91ca\u548c\u6743\u8861\u7684\u6210\u672c\uff0c\u800c\u4e0d\u662f\u4e00\u53e5\u201c\u5e02\u573a\u7ed3\u679c\u201d\u3002<\/p>\n<h2>\u7ed3\u8bba\uff1a\u76ee\u6807\u53ef\u4ee5\u5f15\u5bfc\u653f\u7b56\uff0c\u4e0d\u80fd\u66ffBoard\u4f5c\u5224\u65ad<\/h2>\n<p>2%\u81f33%\u7684\u901a\u80c0\u76ee\u6807\u4e3a\u6fb3\u6d32\u8d27\u5e01\u653f\u7b56\u63d0\u4f9b\u4e86\u7a33\u5b9a\u3001\u516c\u5f00\u548c\u53ef\u95ee\u8d23\u7684\u951a\u3002\u5b83\u5f71\u54cd\u623f\u8d37\uff0c\u662f\u56e0\u4e3aRBA\u7528\u73b0\u91d1\u5229\u7387\u6539\u53d8\u7ecf\u6d4e\u4e2d\u7684\u501f\u8d37\u6761\u4ef6\uff0c\u518d\u901a\u8fc7\u5bb6\u5ead\u548c\u4f01\u4e1a\u884c\u4e3a\u5f71\u54cd\u603b\u9700\u6c42\u4e0e\u4ef7\u683c\u3002<\/p>\n<p>\u6211\u7684\u5224\u65ad\u662f\uff0c\u5e94\u4fdd\u7559\u7075\u6d3b\u533a\u95f4\u4e0e\u4e2d\u70b9\u5bfc\u5411\uff0c\u540c\u65f6\u575a\u6301\u5145\u5206\u5c31\u4e1a\u7684\u5e76\u5217\u76ee\u6807\u3001\u5206\u5e03\u5f71\u54cd\u5206\u6790\u548c\u6e05\u695a\u7684\u56de\u5f52\u65f6\u95f4\u8bf4\u660e\u3002\u653f\u7b56\u4e0d\u80fd\u56e0\u4e00\u6b21CPI\u8d8a\u7ebf\u81ea\u52a8\u52a8\u4f5c\uff0c\u4e5f\u4e0d\u80fd\u7528\u201c\u957f\u671f\u5e73\u5747\u201d\u65e0\u9650\u63a8\u8fdf\u95ee\u8d23\u3002<\/p>\n<p>\u901a\u80c0\u76ee\u6807\u662f\u672c\u5b63\u6700\u6709\u529b\u91cf\u7684\u6307\u6807\u4e4b\u4e00\uff1a\u5b83\u4e0d\u53ea\u8bc4\u4ef7\u673a\u6784\uff0c\u8fd8\u4e3b\u52a8\u5851\u9020\u6574\u4e2a\u7ecf\u6d4e\u7684\u9884\u671f\u3002\u6570\u5b57\u627f\u62c5\u7684\u6743\u529b\u8d8a\u5927\uff0c\u89e3\u91ca\u4e49\u52a1\u5c31\u8d8a\u91cd\u3002\u623f\u8d37\u501f\u6b3e\u4eba\u627f\u53d7\u7684\u4e0d\u53ea\u662f\u4e00\u4e2a\u62bd\u8c61\u767e\u5206\u70b9\uff0c\u800c\u662f\u96c6\u4f53\u7a33\u5b9a\u76ee\u6807\u5728\u4e2a\u4eba\u751f\u6d3b\u4e2d\u7684\u4f20\u5bfc\u6210\u672c\uff1b\u51b3\u5b9a\u8fd9\u9879\u6210\u672c\u4f55\u65f6\u5fc5\u8981\u3001\u662f\u5426\u76f8\u79f0\uff0c\u59cb\u7ec8\u662fBoard\u5fc5\u987b\u516c\u5f00\u627f\u62c5\u7684\u5224\u65ad\u3002<\/p>\n<h3>\u4e3b\u8981\u8d44\u6599<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.rba.gov.au\/monetary-policy\/framework\/stmt-conduct-mp-9-2025-07-10.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aStatement on the Conduct of Monetary Policy, 10 July 2025<\/a><\/li>\n<li><a href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/australias-inflation-target.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aAustralia\u2019s Inflation Target<\/a><\/li>\n<li><a href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/dual-mandate-of-monetary-policy.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aThe Dual Mandate of Monetary Policy<\/a><\/li>\n<li><a href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/the-transmission-of-monetary-policy.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aThe Transmission of Monetary Policy<\/a><\/li>\n<li><a href=\"https:\/\/www.rba.gov.au\/speeches\/2023\/sp-ag-2023-10-11.html\" target=\"_blank\" rel=\"noopener\">RBA\uff1aChannels of Transmission<\/a><\/li>\n<\/ul>\n<p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":17897162,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_geoff_meta_description_en":"","_geoff_meta_description_zh":"","_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[787296088],"tags":[787296151,787296148,787296150,787296032,787296091,787296092,787296033,787296152],"class_list":["post-16694","post","type-post","status-publish","format-standard","hentry","category-when-the-measure-becomes-the-target","tag-inflation-targeting-zh","tag-inflation-targeting","tag-mortgage-interest-rates","tag-when-numbers-start-making-decisions","tag-when-the-measure-becomes-the-target","tag-when-the-measure-becomes-the-target-zh","tag-when-numbers-start-making-decisions-zh","tag-mortgage-interest-rates-zh",""],"translatepress_titles":{"en_AU":"Why 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