Reserve Bank of Australia October monetary policy meeting minutes

  • Says its central estimate is that the economy will return to growth in December quarter of 2021, and to its pre-delta path in H2 of 2022
  • says the delta variant interrupted the recovery of the Australian economy
  • less accommodative monetary policy would, all else being equal, see lower housing prices and credit growth but it would result in fewer jobs and lower wages growth
  • reiterates that will not hike rates until the CPI is stable within the 2-3% target band

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