Minutes of the September Reserve Bank of Australia meeting
- Appropriate to leave rates unchanged at September 1 meeting
(Which is why the left them unchanged ... but I'm just taking a wild guess :-D)
Weak Q2 growth expected, see some signs of improvement
- Despite improving labour demand, spare capacity and wage pressures still weak
- Growth expected to stay below average, but members saw improvement in recent months
- Lower AUD due to significant declines in key commodity prices expected to support growth
- Would review upcoming data to judge if rates remain appropriate
- Very low rates to support dwelling investment and consumption growth
- There were indications that APRA measures had slowed investment house lending
- Will continue to work with other regulators to contain any housing market risk
- Inflation seen remaining consistent with target over next one to two years
- Non-mining business spending subdued in near-term, but expected to pick up over time
- Noted global stock market volatility had not impaired functioning of other markets
- Recent policy measures to support activity in China had not yet had their full impact
Quick headlines via Reuters, with thanks.
The full text is here: Minutes of the September 2015 Monetary Policy Meeting of the Reserve Bank Board
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My take:
- It would appear the Board is getting a little more optimistic in its outlook
- They are in assessment mode. Not dovish, not hawkish.
- Inflation is not an issue
- Support measures in China are still taking effect, so a little more positive on there also
