No change at the Reserve Bank of Australia first meeting of 2018 today on February 6
Cash rate target still at 1.5%, no change
RBA says:
- AUD remains within the range it has been over the past two years on trade-weighted basis
- Rising AUD would result in slower economy, inflation
- Australian economy expected to grow around 3 pct in medium term
- low level of interest rates continuing to support the Australian economy
- outlook for non-mining investment has improved
- public infrastructure investment supporting economy
- household consumption is a source of uncertainty
- labour market continues to strengthen
- unemployment rate expected to decline gradually
- wage growth to remain low for some time, pick up gradually
- nationwide house prices little-changed over past six months
- reports some employers finding it difficult to hire workers with necessary skills
- inflation likely to remain low for some time
- central forecast for CPI to be a bit above 2 pct in 2018
- Further progress on unemployment, inflation, likely to be gradual
Quick Headlines via Reuters
AUD not caring at all ... barely moving
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Later this week, still to come from the Bank:
- Thursday (February 8) Governor of the Bank Philip Lowe speaks at the A50 Australian Economic Forum dinner
- Friday (February 9) the Bank publish its first Statement on Monetary Policy for the year