A quick preview of the speech by Reserve Bank of Australia (RBA)’s Kent, Assistant Governor (Economic), scheduled for 0200GMT on 13 November 2014.
Coming up at 1pm Sydney time today (0200GMT) we get a speech from the RBA’s Christopher Kent, Assistant Governor (Economic), at an Australian Business Economists ‘Lunchtime Briefing’ event. (Members $45, Non-members $75, tables (of 8 guests each) $520. Vuvuzelas not permitted).
The topic is ‘The Business Cycle’ and we should expect some pertinent comments on the economy, the economic outlook, and monetary policy from Kent.
Most recently from the RBA we had the result of the policy meeting and accompanying statement last week (November 4) and the Statement on Monetary Policy (November 7). Both reiterated (again … if that’s not a tautology … but the RBA is getting very repetitive) that a ‘period of steady rates likely to be most prudent course’, although the Statement did nudge the inflation forecast a smidge higher, citing the weaker AUD.
Since the policy meeting and the Statement we have had:
- Business confidence drop, but conditions showing their strongest jump ever
- Consumer confidence showed marginal improvement but but still disappointingly showing nine consecutive months of net pessimism
- Wage growth at its lowest year-on-year level in the history of the index (since 1997). On the plus side, real wage growth is positive (above the level of inflation)
While he may highlight this recent data (but i doubt he will), there will be no departure from the ‘steady policy message from Kent today.
