Reserve Bank of Australia policy meeting minutes

Reiterating ... as did Lowe in his most recent public comments last week:

  • central scenario is conditions for rate rise will not be met until 2024

And other familiar themes:

  • the board committed to maintaining highly supportive monetary conditions
  • the outbreak of the delta variant had delayed, but not derailed, the recovery
  • the economy was expected to bounce back as vaccination rates increase and restrictions are eased
  • the board will continue to review the bond purchase program in light of economic conditions and the health situation
  • considerable uncertainty about the timing and pace of the recovery, which was likely to be slower than experienced earlier
  • bank's bond purchase program is expanding faster relative to the stock of bonds outstanding than that of many other central banks
  • members continued to emphasise the importance of maintaining lending standards
  • progress towards the bank's goals was likely to take longer and was less assured given delta
  • members recognised that the outbreak of the delta variant was delaying the recovery and had added to the uncertainty about the future

At the September meeting the bank reaffirmed its commitment to a 'taper' but hedged somewhat by extending the program into the early months of next year.

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