Reserve Bank of Australia August policy meeting minutes
Headlines via Reuters:
- target for three-year yields to be maintained until progress made towards full employment, inflation
- accommodative approach will be maintained for as long as necessary
- members noted that the downturn had not been as severe as earlier expected
- likely that fiscal and monetary support would be required for some time
- members noted a recovery was under way in most of australia
- the recovery was, however, likely to be slower than earlier expected, with the covid-19 outbreak in victoria having a major impact on the economy
- board welcomed government's announcement that various income support measures would be extended
- uncertainty about the health situation and the future path of the economy was continuing to affect the spending plans of many households and businesses
- no need to adjust the package of measures in australia in the current environment
- members agreed that the bank's policy package was continuing to work broadly as expected
- board did not rule out adjusting the current package if circumstances warranted
- members reaffirmed there was no need to adjust the package of measures in australia in the current environment
- members agreed to continue to assess the evolving situation in australia and did not rule out adjusting the current package if circumstances warranted
Full text: Minutes of the August 2020 Monetary Policy Meeting of the Reserve Bank Board
I said earlier today that the minutes are a little dated given RBA Governor Lowe's 3 hour testimony to a parliamentary committee on Friday last week. For the posts on this check out the info and links here.
