The minutes of the May 2020 Reserve Bank of Australia monetary policy meeting are published on Tuesday 19 May 2020 at 0130GMT
At that meeting
- the cash rate was left unchanged unchanged at 0.25%.
- The RBA reaffirmed the rate would not be increased "until progress is being made towards full employment and (the RBA Board) is confident that inflation will be sustainably within the 2-3 per cent target band"
On the Friday following the meeting the quarterly SoMP provided updated forecasts - indicating little prospect of moving toward target anytime soon.
Meanhwile, QE from the RBA is a topic, the Bank not having ourchased bionds since the week of the meeting.
Also of note tomorrow will be data released from the Australian Bureau of Statistic - weekly jobs data the one to watch:
- Weekly Payroll Jobs and Wages in Australia, Week ending 2 May 2020
- Experimental weekly estimates on the impact of coronavirus (COVID-19) on employee jobs and wages, sourced from Single Touch Payroll data (taxation office data)
Last week we got the awful monthly labour market update with nigh on 600k jobs lost. The data tomorrow will be an update.
The ABS will follow up on Wednesday with preliminary retail sales data for April -
- preliminary monthly aggregate estimates of retail turnover in Australia.
