Reserve Bank of Australia Governor Bullock spoke in Perth, Australia, on Wednesday.
Bullock remarked on the Q2 GDP data released earlier that day, that showed a very-strong consumer spending number (Consumption jumped 0.9%, and Pricing for near term Reserve Bank of Australia rate cuts fell).
- “For some time we have been predicting that the Australian consumer will start to spend a bit more, and they are - slowly,”
- “We are seeing it come back, and that’s welcome. We’re seeing the private sector start to demonstrate a little bit more growth now, which I think is positive,”
- “What it means for future interest rates, I don’t know. All I would say is that, if anything, it’s probably a little stronger than we thought it would be. That’s good, but it does mean that it’s possible that if it keeps going, then there may not be any interest rate declines yet to come. But it all depends.”
Bolding is mine.
