Glenn Stevens, Governor of the Reserve Bank of Australia (RBA), speaking to the Committee for Economic Development of Australia (CEDA) Luncheon.
Reserve Bank of Australia (RBA) Stevens:
- Says policy must avoid build up of financial sector risk
- Best thing RBA can do for economy is to run an accommodative policy and rates are very low
- Says has made clear his views on relatively high a$, won’t repeat them
- Says unemployment rate is “concerning”, though clouded by data distortions
- Labour market has degree of spare capacity, some time before unemployment falls
- Is taking GDP for Q1 and Q2 together, points to moderate growth
- Says signs are growth continuing in current quarter
- Says data show further upgrading of non-mining investment, like to see more
- Says business balance sheets healthy, well placed to increase investment
Full text is here: The Economic Scene
More:
- Further inflating already elevated house prices unwise
- Real question is why the US remained as low as it has