Reserve Bank of Australia minutes August 2022
Headlines via Reuters:
- Board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path.
- Members noted that inflation was expected to peak later in 2022
- It is seeking to do this in a way that keeps the economy on an even keel.
- Inflation will then decline back to the top of the 2 to 3 per cent target range by the end of 2024
- Members agreed it was appropriate to continue the process of normalising monetary conditions
- Resilience of the economy continued to be most evident in the labour market
- Members also considered the risks to the global outlook, which were skewed to the downside.
- Behaviour of household spending continued to present a key source of uncertainty for the outlook
- Members will be paying close attention to how the balance of various factors affects the outlook for spending
- Increase in interest rates over recent months has been required to bring inflation back to target
Look like from this lot that the RBA will continue with its cautious approach. It says its committed to bringing inflation back down but it seems to be relying on things going its way rather than assertive policy action.