Reserve Bank of Australia monetary policy announcement from their October meeting

Expectations were unanimous on the 'no change' decision

Today is Governor Lowe's first in the big chair at the policy board meeting. He has written the accompanying Statement, full text link

Given the unanimous expectation of no change in rates today, it's the statement that's of interest. It should give us an idea of the outlook for rates ahead. I'll get a summary up ASAP

  • Says global economy growing at lower than average pace
  • RBA says judged steady rate consistent with growth, inflation targets
  • Says pace of China growth appears to be moderating
  • Rising AUD could complicate economic adjustment
  • Inflation expected to remain low for some time
  • Australian economy growing at moderate rate
  • Labour market data mixed, sees continued growth in employment
  • Inflation expected to remain low for some time
  • Lenders taking more cautious attitude to housing
  • Large decline in mining investment being offset by growth in other areas
  • Household consumption growing at reasonable pace but appears to have slowed recently

Headlines via Reuters


Just the one comment on the currency, not so much a kick lower as a gentle nudge with one toe ....

Elsewhere in the statement ... it comes across to me as more dovish than I was expecting. Subdued language on the global and domestic economy.


Anyone else notice the gremlins on the RBA website?

  • Link to the statement didn't appear for a minute or so after the announcement (I think I broke the F5 key on my keyboard!)
  • Then it showed a 404 error

Not a good day at the RBA ...