RBA April policy board meeting minutes:
- AUD still high by historical standards, is less supportive of the economy given latest rise
- Cash rate to remain steady for some time given economic outlook
- Board saw further promising signs low rates working way through economy
- Saw strong pick up in home building ahead, no mention of any concerns at rising home prices
- Evidence consumer demand had strengthened, liaison suggested some easing in retail sales
- Exports growing strongly, board noted pick up in non-residential building approvals
- Falling mining investment, weak public demand to constrain growth for some time
- Range of indicators pointed to modest improvement in employment ahead
- Jobless rate still expected to edge higher for a time
- Moderate growth in wages to help contain domestic inflationary pressures
- China data pointed to continued slowdown, though lunar holiday complicated assessment
Quick headlines via Reuters and Bloomberg
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There is nothing of much surprise in the minutes, repeating the ‘high aussie’ comments of late and that the cash rate is steady as she goes.
Link to the full text: Minutes of the April 2014 Monetary Policy Meeting of the Reserve Bank Board
