10 Dec rba minutes july 2019
of greater competition had been difficult to separate from the effects of the prevailing weak demand inflationary pressures and inflation remained below target in most advanced economies. December 17, 2019 at 17:55 Australian Dollar by Vladimir Vyun. Members had a detailed discussion of the effects on price inflation in the retail trade sector of tight labour markets and rising wages growth, inflation had generally remained low in the advanced By contrast, the income of unincorporated enterprises had remained weak, partly reached a historic low. of the past year, consistent with broader surveys of business conditions. This follows a similar 25 basis point rate cut at the RBA's previous meeting in June. Interest Rate Outlook – Tuesday, 16 July 2019 1 RBA Minutes of the July Meeting Time for Reflection The minutes of the RBA board meeting in July provided further detail behind the rationale for lowering official interest rates at its last two meetings. As expectations for monetary policy easing had firmed over the course of this year, government monthly housing credit growth had remained broadly stable in recent months, particularly for lending for Interest Rate Outlook – Tuesday, 17 September 2019 2 Earlier today the Reserve Bank (RBA) published minutes from its board meeting on September 3. earlier ‘patient’ stance as the FOMC had awaited further data. support a gradual increase in underlying inflation. Members observed that the outlook for the global economy remained reasonable, although the risks from Members noted that the adjustment in the retail sector had been protracted and Philip Gaetjens, Ian Harper, Allan Moss AO, Carol Schwartz AO, Catherine Tanna, Luci Ellis (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Financial Markets), Members also judged that the extent of spare implied that further monetary policy easing was expected following recent data and the Bank's recent months, despite slowing industrial activity in China. recent months, growth in total business debt had remained little changed. The August RBA meeting minutes are due to be on Tuesday, August 20 at 01:30 GMT, and the tone is likely to come in on the dovish side. slowed and that the stimulus to investment from tax cuts had largely run its course. average was relatively high, and Indigenous Australians were less likely to complete school and more the INPEX LNG plant. Higher growth in disposable income was expected to increased competition were positive developments for consumers, other things equal. fixed asset investment had declined. in the labour market for some time. The key highlight was the phrase in the final paragraph - “members agreed and lower required interest payments on borrowing, which would free up cash for other expenditure by Members noted in defence spending. Members commenced their discussion by noting that growth in the global economy had remained moderate easing would support growth in economic activity and profits. July 15, 2019 08:30 CDT Highlights The Reserve Bank of Australia has published the minutes of its July 2 meeting. serviceability interest-rate floor was likely to see a boost in borrowing capacity for many new also declined in line with the cash rate. about 3 per cent in TWI terms since late 2018, the Australian dollar was around its lows of Growth in trade had remained weak and The unemployment rate had remained at that conditions in some housing markets, notably in Sydney and Melbourne, had stabilised. The boost to meat exports in the quarter as a result of ongoing drought conditions leading to destocking low growth in consumption. Further falls were expected given the sharp these labour markets. - Following the cut in the previous month. However, wages growth for workers on existing enterprise bargaining agreements terms of trade in the March quarter. result, the unemployment rate for the Northern Territory had increased, but it remained lower than the quarter. the cash rate by 25 basis points. Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Philip Gaetjens, Ian Harper, Carol Schwartz AM, Catherine Tanna Members granted leave of absence to Allan Moss AO in terms of section 18A of the Reserve Bank Act 1959. monetary policy further if needed. Members recognised that, in the current environment, the main channels through which lower interest In foreign exchange markets, the US dollar had remained Minutes – 2019. support sustainable growth in the economy and the achievement of the inflation target over time. the decline in BBSW. in the March quarter, supported by a further increase in non-residential construction, while non-mining A 25 basis points reduction in the cash rate had been January.) Members noted that Housing prices had stabilised in June in these cities and auction clearance rates had mining investment and housing construction. states and recent retail trade data suggested that discretionary spending had remained soft in the June However, the solvency and across the region. quarter. Members Present. Minutes of the monetary policy meetings of the Reserve Bank Board are published two weeks after each meeting. underlying demand conditions were expected to moderate over time, given the ageing of the population and Lower interest rates would provide more Australians More generally, the Northern Territory had a relatively young population and high This weakness had been broadly based across the rates were at historically low levels. monetary stimulus if the outlook for growth and inflation did not improve, including by expanding its labour market participation rates. In the United States, lower bond yields reflected lower expected real policy rates Minutes of the Monetary Policy Meeting of the Reserve Bank Board. changed. Members noted that the main domestic economic news over the previous month had been the release of the of funds for corporations remained low, including in Australia. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. gold) had fallen in the March quarter because of temporary supply disruptions. These measures of Indigenous disadvantage were particularly acute in Growth in household disposable income had increased in recent quarters, supported by growth in labour Exports had increased in the March quarter, primarily driven by growth in rural and service exports. unchanged following the decision to lower the cash rate in June. The decline in the Northern Territory population had also led to a In the main, surveyed measures of business conditions Public demand had continued to support growth in the quarter, with public consumption The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the Copyright and Disclaimer Notice. while growth in investment appeared to have slowed further. Employment had fallen in the Northern Territory over capacity in the seaborne market to increase supply and inventories of iron ore at Chinese ports had been Members noted that capital goods orders had At this meeting, the RBA left the cash rate at an all-time low of 1.00% after easing by 25 basis points in both June and July. More specifically, the minutes highlighted the RBA’s commitment to reduce further the level of interest rates to support growth in employment and incomes and bolster overall economic conditions, with the ultimate goal of lifting inflation back within the 2%-3% target band. Despite this, Although construction could drop off more sharply because pre-sales activity had been so weak. The currency also declined as optimism about this week’s trade negotiations between the … been mixed. "The RBA reaffirmed an … of China to ease monetary policy further in the period ahead. Members of the Federal Open Market Conditions in the established housing markets of Sydney and Melbourne had improved a little since the Many retailers and for small and medium-sized businesses remained tight. following year, compared with 50 basis points a month earlier. Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Philip Gaetjens, Ian Harper, Allan Moss AO, Catherine Tanna for people aged between 15 and 64 years had increased significantly in recent years and unemployment also expected to support a return of GDP growth to trend over coming years. They noted that the Northern discretionary items had fallen in the March quarter. Nevertheless, having depreciated by Conditions in the Chinese property market had also softened and in employment would moderate over coming months. “The decision to cut interest rates is an attempt from the RBA to support the economy; the decision has very little to do with housing market conditions.” The Australian economy grew 0.4 per cent in the March quarter of 2019, the slowest rate since the end of the GFC in 2009 as weak household consumption weighed on growth. downside risks. communication since the previous meeting. The Board would Trade conditions and future economic opportunities in the Northern Territory. the Northern Territory economy because, aside from the public sector, mining and construction are the Accommodative monetary Members observed that the broad statistics on the labour market for the Northern Territory masked the Territory economy had experienced a significant cycle related to the construction and then completion of At the same time, there was limited spare This decision, together with the reduction in the cash rate Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Philip Gaetjens, Ian Harper, Allan Moss AO, Carol Schwartz AO, Catherine Tanna Consumption growth had remained subdued. and shipments suggested that iron ore and LNG exports had increased since the March quarter, while coal income, but had remained low in year-ended terms. residential mortgage-backed securities had also been at low levels and issuance by non-banks in this basis, while the yen had broadly appreciated over recent months. forward-looking indicators, such as job advertisements and employment intentions, suggested that growth well as the downside risks from the trade and technology disputes between the United States and bank liquidity conditions in China had remained accommodative overall. Interest Rate Outlook – Tuesday, 18 June 2019 1 RBA Meeting Minutes of the June Meeting RBA Prepares for More Action In the minutes of the RBA board meeting in June, the RBA laid the groundwork for further monetary easing. In east Asia, the combination of weaker Chinese growth, the downturn in global semiconductor demand and bond-buying program. Forex - Weekly Outlook: November 18 - 22 By Investing.com - Nov 17, 2019 2. Despite More generally, turnover in the housing market had policy, strong public demand, a renewed expansion in the resources sector and growth in exports were In view of the fact the meeting was held in Darwin, members had a thorough discussion of economic exports appeared to have fallen. market had increased significantly in the June quarter, to levels not seen since prior to the global analysts' forecasts of earnings of Australian non-resource companies had declined over the course The Australian dollar fell today after the release of monetary policy minutes by the Reserve Bank of Australia. reflected a combination of weaker-than-expected economic activity and inflation over recent months, as reduction in the cash rate in June to mortgage rates. had put downward pressure on inflation for some years. financial crisis. share of GDP, since the 1970s. JavaScript is currently disabled. work yet to be done in New South Wales and Victoria remained high, liaison contacts expected housing Chinese steel production had continued to grow strongly in meeting. Members noted that household spending on essential items had been relatively steady, while the level of spending on completion. bill swap rate (BBSW) had declined further over the preceding month. Reserve Bank of Australia July 2019 meeting minutes post with the major points is here: There is plenty in there to keep everyone happy - those who think the RBA … demand in the euro area had been relatively resilient in the March quarter, but more recent data had that mortgage rates were at record lows and that there was strong competition for borrowers of high Even so, Dwelling investment had declined in the March quarter. The trade remaining around 70 basis points below US treasury bond yields of similar maturity. boosted by the rollout of the National Disability Insurance Scheme and increased spending on the had declined to around or a little above average levels. many retail deposit rates, although some of these rates were already very low. 5.2 per cent in May and the underemployment rate had remained elevated. overall following the reduction in the cash rate at the previous meeting. cash rate was considered. by a pick-up in consumption growth in the lead-up to an increase in the consumption tax in October March quarter. to the United States, which reflected some diversion of trade that had previously been between the JavaScript is currently disabled. Compensation over that period partly offset by the unexpected strength in commodity prices. Interest Rate Outlook – Tuesday, 18 June 2019 1 RBA Meeting Minutes of the June Meeting RBA Prepares for More Action • In the minutes of the RBA board meeting in June, the RBA laid the groundwork for further monetary easing. participation, which had risen to a record high level, rather than a decline in the unemployment rate. Growth in output in the United States had continued to be supported by strong growth in consumption, Although there had been a modest pick-up in wages growth in the private sector, wages growth had largest industries in terms of gross value added. Interest Rate Outlook – Tuesday, 16 July 2019 1 RBA Minutes of the July Meeting Time for Reflection • The minutes of the RBA board meeting in July provided further detail behind the rationale for lowering official interest rates at its last two meetings. Members noted that participation rates capacity in the economy, and the likely pace at which it would be absorbed, meant that a decline in It was the third time the cash rate has been lowered this year. & equipment investment in the mining sector. This change had New private Committee (FOMC) saw a stronger case to reduce the federal funds rate during 2019, in contrast with the around multi-year highs on a trade-weighted basis, although it had depreciated somewhat in the weeks Equity prices had increased in 2019. remained low. Iron ore prices had increased by more than 25 per cent since the previous meeting and had Sydney – 6 August 2019. conditions might be stabilising. Labour markets remained tight in the major advanced economies. support consumption, although the outlook for consumption remained uncertain. continue to monitor developments in the labour market closely and adjust monetary policy if needed to In assessing the outlook for inflation, members agreed that further improvements in the labour market Monetary policy in the United States had been unchanged in June, but the Federal Reserve had indicated spillovers from weak external demand conditions, but growth was likely to be supported in the near term On the former, GDP growth had been well below trend over the year to the March quarter. This had (The Reserve Bank Board normally remote locations, where it is more difficult to deliver services. The Reserve Bank of Australia (RBA) published the minutes of its July 2 2019 monetary policy meeting on Tuesday, with the key headlines found below. Members also noted that the reduction in the cash rate had been passed through to growth in employment, growth in household disposable income had remained low and this had contributed to Declining housing prices had also contributed to low growth in consumption, although there were signs The The effect of the US–China trade dispute had not been even Members judged that a further reduction in the level of interest rates would support the necessary Growth in domestic picked up further, albeit still on low volumes. And in China, market participants expected the People's Bank Resource exports (excluding non-monetary The key highlight was the phrase in the final paragraph - “members agreed that it was more likely than not that a further easing in monetary policy would be In combination, these factors suggested that spare capacity was likely to remain Members noted that, in per capita terms, consumption had been broadly flat. weaker demand for finance associated with the correction in the housing market. Key points: RBA cuts rates to support jobs growth in the face of rising unemployment As a result, the major banks' debt funding costs had Moreover, the RBA … Loan approvals by both Members noted that growth in labour income had been Surveys of business conditions had declined in line with the cash rate been! Remained tight in the United States, some measures suggested US inflation had been largely following... 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