Reserve Bank of Australia monetary policy meeting statement 5 September 2017
Headlines via Reuters:
- RBA says global economy continuing to improve
- Says rising A$ would lead to slower economic growth than otherwise
- Recent rise in A$ weighing on outlook for output and employment
- Higher A$ is restraining price pressures
- House prices rising briskly in some markets
- Growth expected to pick up gradually over the coming years
- Drag following mining investment boom almost complete
- Says some signs housing market starting to cool
- Says housing debt has outpaced slow growth in incomes
- Says expects gradual increase in underlying inflation
- Employment has been stronger over recent months, forward looking indicators strong
Bit of AUD jawboning from the Bank in there (bolded). Pretty mild.
AUD off a few points toward its earlier session lows.
Otherwise, the Bank noting positives and negatives, and not too much different from what they have been saying recently (SoMP, testimony)
Full text of Governor Lowe's Statement to accompany the decision from the Board:
Statement by Philip Lowe, Governor: Monetary Policy Decision
And, ps. Governor Lowe is speaking later in the session, 0915GMT, Have some fun with that!
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Maybe Lowe needs a little advice on jawboning. This is just not cutting it:
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Earlier I posted upgrades to GDP forecasts received today:
- Another revision higher for Q2 GDP forecasts from a big 4 Australian bank (Westpac)
- GDP forecasts from one of the big 4 Australian banks (CBA)
And, more since:
National Australia Bank:
- Expect +0.9% q/q
- Add there are "slight upside risks"
