Reserve Bank of Australia Governor Lowe on the economy and policy:
- Possible some further tightening will be required to return inflation to target
- Remains to be determined whether monetary policy has more work to do
- Complex picture on inflation, significant uncertainties regarding outlook
- At the August meeting, the board will have updated economic forecasts and new data
- There has been a "significant and rapid" tightening of monetary policy
- Very conscious monetary policy operates with lag, full effects yet to be felt
- Economic growth to be subdued over next couple of years, will take time for inflation to return to target
- Determined to return inflation to target within reasonable timeframe
On the Review of the Bank and changes that'll be implemented:
- RBA board to make changes based on independent review
- From 2024, the board will meet eight times a year, rather than 11 times
- Board meetings to start on Monday, conclude at usual time on Tuesday
- Post-meeting statement announcing the decision will be issued by board, rather than governor
- RBA governor will hold a media conference after each board meeting to explain decision
- Quarterly statement on monetary policy will be released at same time as policy decision
- Current board structure to remain as is
- RBA board to decide on some review recommendations at a later date
If you do want to listen live this is the link here.
