Minutes of the Reserve Bank of Australia October monetary policy meeting
Quick headlines via Reuters: :
- Agreed holding rates steady a source of stability and confidence
- next move in rates more likely to be up, no strong case for near-term move
- recent modest fall in AUD helpful for domestic economic growth
- findings of Royal Commission could lead banks to further tighten lending standards
- important to measure supply of credit so that economy continued to be supported
- RBA noted modest increase in banks' funding costs, mortgage rates still low after recent rises
- home prices had fallen noticeably in Sydney and Melbourne, following previous strong gains
- uncertain on consumption given subdued income growth, falling home prices
- data point to solid GDP growth in Q3, though likely to moderate from pace of first half
- noted employment rose strongly in August, spare capacity had declined
- average earnings still weak, subdued unit labour costs putting downward pressure on inflation
- drought likely to reduce farm output, crop yields over 2018/19
- global growth seen solid next couple of years despite recent softening in data
- Sino-US tariffs a significant risk to global outlook
The full text is here: Minutes of the October 2018 Monetary Policy Meeting of the Reserve Bank Board
There is nothing in the minutes that will shock anyone, a few minor items only but the general gist is a familiar refrain.
