The even more summarised format is there isn't much change at all in either.
- Growth to remain in the 2.5 to 3.5% band, then rising into a 3 to 4% band
- Inflation remaining sub 2% this year and then 1.5 to 2.5%
Here is a table of the most recent updates, compared with the old. Courtesy of CommSec:
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AUD had a slight dip, then made a new session high, little changed net so far:
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Added
Comments from Dr. Shane Oliver of AMP Capital:
Tone of RBA SOMP is dovish:
- Inflation remaining below 2%
- Room for stronger growth
- Housing risks diminished
- Mixed employment indicators
Which all implies RBA retains an easing bias
- We continue to allow for another -0.25% cut in November
Something Oliver picks up on too is this:
- The last paragraph on page 3 of the Statement, "inflation is likely to remain below 2% over ... the forecast period" seems bit inconsistent with 1.5-2.5% inflation forecasts
It sure does. I reckon it indicates the bank is even more bearish on inflation (and thus dovish) than it cares to admit.
