Reserve Bank of Australia February monetary policy meeting announcement

  • Every analyst surveyed by Bloomberg expected an on hold decision

Headlines via Reuters:

  • RBA says low rates supporting economy
  • says progress on unemployment, inflation expected to be gradual
  • says central scenario for gdp growth to average around 3 pct this year
  • says central scenario for gdp growth to slow in 2020 due to weaker resource exports
  • says inflation remains low and stable
  • says inflation to pick up gradually
  • says household consumption remains a source of uncertainty
  • says central scenario for inflation 2 percent in 2019, and 2.25 pct in 2020
  • says main domestic uncertainty remains around household spending, effect of falling house prices
  • says labour market remains strong
  • says gdp growth in september quarter was weaker than expected
  • says consumption data have been volatile
  • says further fall in unemployment rate to 4.75 pct expected
  • says growth in household income expected to pick up and support spending
  • says wage growth to pick up gradually over time
  • says global economy slowed in second half of 2018, downside risks have increased
  • says credit conditions for some borrowers are tighter than they have been
  • says seeing some signs of slowdown in global trade, partly stemming from trade tensions
  • says Chinese growth has continued to slow
  • says housing markets in Sydney, Melbourne going through period of adjustment
  • says Australian dollar has remained within the narrow range of recent times
  • says Australia's terms of trade have increased, expected to decline over time

Full text of the accompanying statement from the Governor:

more to come

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Here are the previews as background to this: