Mike and Ryan had the pertinent headlines for Kent overnight:

  • RBA's Kent says further fall in AUD likely and necessary, especially given lower commodity prices
  • RBA's 'Kent says its hard to find evidence that monetary policy is less effective

Some more (via the Australian Financial Review):

  • Kent said some indebted households appeared to be taking advantage of low mortgage rates to pay down their debts faster than in the past
  • Perhaps in response to a feared future of weaker income growth.
  • "Meanwhile the search for yield is no doubt playing a role in driving the strong growth of investor housing credit.
  • "This might some indirect support to aggregate demand, but this channel is not without risk."

Australian Financial Review is gated, link here

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Much of Kent's speech focused on the surging Sydney property market - more here (ungated)