RBA Minutes: AUD fall to support exports, tourism

Author: Eamonn Sheridan | Category: Central Banks

Reserve Bank of Australia August meeting minutes 

  • RBA board would consider further policy easing if needed
  • to assess developments in domestic, global economies before considering easing
  • reasonable to expect "extended period" of low interest rates
  • risks to economy tilted to downside in near term, more balanced further out
  • board reviewed experience of developed nations with unconventional monetary policy
  • noted a package of measures tended to be more effective than single steps
  • AUD at lowest level in some years, recent fall to support exports, tourism
  • few signs of inflationary pressures emerging, downside risks to some CPI components
  • more spare capacity in labour market than previously thought, to limit wage growth
  • saw firmer GDP growth in Q2, outlook for consumption more balanced than for some time
  • consumption supported by tax rebates, stabilisation in housing market
  • escalation in China - US trade dispute a downside risk to global growth
  • global companies had already significantly revised down investment intentions
  • further monetary easing "widely expected" around the world
I bolded a few points above. There is nothing surprising here. Headlines via Reuters. 

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