Reserve Bank of Australia monetary policy decision for February 2020
- Cash rate left at 0.75%
Headlines via Reuters:
- RBA says to ease policy if needed to support sustainable growth
- says rates to remain low for extended period
- says will monitor developments in labour markets
- lower cash rate has put downward pressure on a$
- low rates are boosting asset prices which should lead to increased spending
- scenario for Australian economy to grow by 2.75% this yr; 3% next year
- central scenario for underlying inflation to be close to 2% in 2020 and 2021
- says signs of a turnaround in housing market, especially in sydney and melbourne
- says bushfires, coronavirus will temporarily weigh on growth
- says consumption growth expected to pick up gradually
- unemployment expected to remain around current level for some time
- wage growth expected to remain at current level for some time
- too early to determine how long-lasting the impact from coronavirus will be
- China-US trade, technology dispute, coronavirus are all sources of uncertainty for global growth
Full text of the Statement by Philip Lowe, Governor: Monetary Policy Decision
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There is no press conference. There never is following the RBAS meeting.
RBA Governor Lowe.
