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  • RBA July meeting minutes: policymakers will continue monitoring the labor market closely and expressed willingness to adjust policy further if required.
RBA July meeting minutes: policymakers will continue monitoring the labor market closely and expressed willingness to adjust policy further if required.
16.07.2019, 05:59

RBA July meeting minutes: policymakers will continue monitoring the labor market closely and expressed willingness to adjust policy further if required.

  • Lower rates to hold AUD lower than otherwise

  • spare capacity likely to remain in labour market for "some time"

  • lower borrowing costs to free up cash for consumer spending

  • Board recognised uneven effect of lower rates on different households

  • extent of spare capacity meant rate cut unlikely to lead to risky rise in borrowing

  • labour demand being met by rise in participation, rather than fall in unemployment rate

  • Board saw prospects of lift in household income, support from tax rebates signs of stabilisation in Sydney, Melbourne housing markets

  • funding costs for major Australian banks had reached historic low

  • retail data suggested discretionary spending remained soft in Q2

  • Board noted significant change in outlook for monetary easing globally, esp US

  • risks from trade disputes remained high, inflation subdued in developed world

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