RBA governor Glenn Stevens speaking now
Full text of his opening statement: Opening Statement by Glenn Stevens, Governor, to the House of Representatives Standing Committee on Economics, Canberra
Live coverage here:
(Click on 'Watch Parliament' and scroll down 'til you come to
House of Representatives, Standing Committee, Economics (Reserve Bank of Australia annual report 2014)
)
Headlines via Reuters:
- Says pretty clear economy is growing but not as fast as we would like
- Australian economy progressing through major adjustment
- Says adjustment to fall in terms of trade well advanced
- Non-mining activity improving
- Australia probably halfway through decline in resource sector investment
- Very large rise in exports of natural gas in prospect over next few years
- Outside mining sector, signs conditions have been gradually improving
(I thought he could have added that inside the mining sector its too dark to read, with a nod to Groucho Marx)
- Rate of unemployment seems to have stopped rising
- Unemployment level a bit lower than we had thought six months ago it might reach
- NSW, Victoria show largest increases in demand employment and dwelling prices, conditions elsewhere more subdued
- Objective of regulatory initiatives on housing not to control prices but contain leverage
more to come
