Reserve Bank of Australia February monetary policy meeting announcement
- Every analyst surveyed by Bloomberg expected an on hold decision
Headlines via Reuters:
- RBA says low rates supporting economy
- says progress on unemployment, inflation expected to be gradual
- says central scenario for gdp growth to average around 3 pct this year
- says central scenario for gdp growth to slow in 2020 due to weaker resource exports
- says inflation remains low and stable
- says inflation to pick up gradually
- says household consumption remains a source of uncertainty
- says central scenario for inflation 2 percent in 2019, and 2.25 pct in 2020
- says main domestic uncertainty remains around household spending, effect of falling house prices
- says labour market remains strong
- says gdp growth in september quarter was weaker than expected
- says consumption data have been volatile
- says further fall in unemployment rate to 4.75 pct expected
- says growth in household income expected to pick up and support spending
- says wage growth to pick up gradually over time
- says global economy slowed in second half of 2018, downside risks have increased
- says credit conditions for some borrowers are tighter than they have been
- says seeing some signs of slowdown in global trade, partly stemming from trade tensions
- says Chinese growth has continued to slow
- says housing markets in Sydney, Melbourne going through period of adjustment
- says Australian dollar has remained within the narrow range of recent times
- says Australia's terms of trade have increased, expected to decline over time
Full text of the accompanying statement from the Governor:
more to come
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Here are the previews as background to this:
- In February 2015, the RBA surprised with a rate cut. What about today? (spoiler, No)
- "AUD: RBA unlikely to match market pessimism" - RBA preview
- AUD traders - RBA preview - and where to for the AUD
- AUD traders - RBA meet Tuesday 5 February 2019 , preview
- RBC - Reserve Bank of Australia first monetary policy meeting for 2019 is tomorrow - preview
- Barclays on the Reserve Bank of Australia
- preview of the Reserve Bank of Australia meeting on Tuesday February 5 via Capital Economics