The Reserve Bank of Australia's quarterly Statement on Monetary Policy (SOMP) is due on Friday at 11.30 am Sydney time.
- 0030 GMT, and 1930 US Eastern time
On Tuesday this week the Bank hiked its cash rate
after 10 consecutive rate hikes then a one-month pause to, so they told us in April, assess the impact of past rate hikes on the Australian economy. I think someone needs to explain to the propeller heads at the RBA that given the lags in monetary policy transmission, a one-month pause is really not enough time to do much assessment at all. On second thoughts, save your breath, the RBA is all over the place at the moment.
The RBA's Statement on Monetary Policy sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. A number of boxes on topics of special interest are also published. The Statement is issued four times a year.
