Reserve Bank of Australia (RBA) Stevens testimony (opening statement):
- Says RBA is allowing time for measures to take effect
- Says value in maintaining stability in rates
- Mindful of allowing time for stimulus to work
- Recent data suggest sept qtr may have got off to a reasonable start
- Economic forecasts could prove to be conservative
- Most leading labour market indicators seem to have improved a little this year
- Growth to be a little bit below trend in near term
- Fall off in mining investment will probably accelerate in coming year
- Says AUD not doing as much as it might to help economy
- Says growth in non-mining activity increasing
- Inflation to be consistent with target
- Says economic forecasts likely to be even less reliable
- Says will be a while before we see a fall in unemployment
Full text of his Opening Statement to House of Representatives Standing Committee on Economics
Nothing to surprise so far, waiting for the Q&A
More to come (But not here. I’ll post his Q&A session in a separate post)
(Live feeds here:
LIVE FEED and he is also on the telly (ABC 24 hour news channel)