Central Banks

Minutes of the Reserve Bank of Australia October monetary policy meeting

Quick headlines via Reuters: :

  • Agreed holding rates steady a source of stability and confidence
  • next move in rates more likely to be up, no strong case for near-term move
  • recent modest fall in AUD helpful for domestic economic growth
  • findings of Royal Commission could lead banks to further tighten lending standards
  • important to measure supply of credit so that economy continued to be supported
  • RBA noted modest increase in banks’ funding costs, mortgage rates still low after recent rises
  • home prices had fallen noticeably in Sydney and Melbourne, following previous strong gains
  • uncertain on consumption given subdued income growth, falling home prices
  • data point to solid GDP growth in Q3, though likely to moderate from pace of first half
  • noted employment rose strongly in August, spare capacity had declined
  • average earnings still weak, subdued unit labour costs putting downward pressure on inflation
  • drought likely to reduce farm output, crop yields over 2018/19
  • global growth seen solid next couple of years despite recent softening in data
  • Sino-US tariffs a significant risk to global outlook

There is nothing in the minutes that will shock anyone, a few minor items only but the general gist is a familiar refrain. 


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