According to CoinMeta, economist Harry Ottley stated that as consumer and business confidence stagnates, Australia's inflation woes may cool down faster than expected. The decline in global oil prices could be welcomed by the Reserve Bank of Australia (RBA). The wage growth rate slowed to 3.1% in October, the slowest since December, from a high of 3.5% in August. Ottley pointed out that the slowdown in monthly wage growth indicates that there are still no signs that higher inflation expectations have become embedded in wages.