Reserve Bank of Australia November monetary policy announcement and accompanying statement
- Says global economy continues to grow, at below average pace
- Says judged unchanged policy consistent with growth, inflation targets
- China growth has been steadied recently
- Commodity prices have risen over recent months, lifted terms of trade
- Australian economy growing at moderate rate
- Labour market indicators somewhat mixed
- Says some housing prices rising briskly
- Inflation expected to remain low for some time
- Part-time employment growing strongly but overall employment growth has slowed
- Says over next year economy is forecast to grow at close to potential
- Forward looking indicators point to continued expansion in employment in near term
- Inflation expected to pick up gradually over next two years
- Says Q3 inflation data were broadly as expected
- Says rising AUD could complicate economic transition
An on hold decision was expected, and a scan of the headlines (those above are via Reuters) shows nothing else to surprise or shock. The full text is linked, below. Lowe said a few weeks ago the RBA were not 'inflation nutters', today's statement confirms that he expects growth to pick up over the next 12 months and inflation to gradually rise over the next two years.
All a bit boring, really. As a central bank should be I suppose.
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Full text:
Statement by Philip Lowe, Governor: Monetary Policy Decision
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The next meeting is December 6. Ahead of that we get the quarterly 'Statement on Monetary Policy' (SoMP) this coming Friday, November 4.
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AUD/USD has popped a little, and up tickling its highs of the session as I update:
