The RBA SoMP is due at 0130 GMT on Friday 7 August 2020
The Statement updates the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. The Statement is issued quarterly.
ANZ have a detailed preview, this is a brief summary:
- we see the RBA forecasting a smaller decline in GDP over 2020 than in May. But we think the RBA will pull back the extent of the recovery it sees in 2021, partly as a consequence of base effects but also because of the higher AUD and an expectation that the surge in COVID-19 cases will make households and businesses more cautious.
- we think the RBA will now forecast the unemployment rate to rise over the second half of 2020
- On inflation, we think the RBA won't be making any material adjustments to its outlook.
