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- RBA decided to leave the interest rate unchanged at 1.75%
RBA decided to leave the interest rate unchanged at 1.75%
- Australia's terms of trade are much lower than they were in recent years,
- The world economy continues to grow at a lower than average rate. Several developed economies have recorded improvement in conditions over the past year, but the conditions are more difficult for a number of emerging market economies.
- The growth rate of China's economy continues to slow, although the recent actions offers support near-term.
- Commodity prices are above recent lows, but it should be a very significant decline in the past few years.
- Financial markets have been volatile recent, as investors re-evaluate the assets after the referendum in the UK.
- Any consequences of the referendum results on global economic activity remains to be seen.
- Recent data point to the continuing overall growth in Australia, despite the very large decline in business investment.
- Other areas of domestic demand and exports are expanding.
- Labour market indicators were more mixed lately, but they are consistent with a moderate pace of expansion of employment in the near future.
- Inflation has been relatively low, given the very depressed growth in labor costs and a very low cost in other countries.
- Low interest rates are supporting domestic demand and the low exchange rate.
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