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The Reserve Bank of Australia held interest rates at an all-time low on Tuesday to just 0.1% as widely expected. The RBA said the economy is expected
[See the full post at: RBA Keep Rates At Record Low 0.10% With Household Consumption Rebounding Strongly]Reserve Bank of Australia Governor Lowe, Headlines via Reuters
expects conditions for rate hike will not be met next year
“still a fair way” from a hike, the board is prepared to be patient
board discussed tapering bond-buying from Feb and ending in May
could end bond buying in Feb if economic progress better than expected
could review bond-buying again in May if data disappoint
QE outlook depends on inflation data, labour market, the strength of consumer spending
will consider actions of other central banks, effects of omicron variant
omicron outbreak represents a downside risk
expects positive momentum in the economy to be maintained through the summer
underlying inflation is expected to rise to 2.5% over 2023
inflation outlook in Australia very different than in the US
estimates total extra savings by households during pandemic at more than A$200 bln
additional savings will support strong growth in consumption
notes sharp rise in job ads, reports firms finding it difficult to find workers
it is not our mandate to target house prices, higher rates not the solution
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