The Reserve Bank of Australia September meeting resulted in the monetary policy board firmly setting one foot on each side of the fence.
- It said the plan to taper bond purchases from AUD5bn to 4bn remained in place
- But bond purchases would be extended until the middle of February next year
The RBA said this reflected the delay to Australia's economic recovery due to the Delta variant outbreaks and associated extended lockdowns in place.
(The cash rate was left at 0.1% & the April 2024 bond target were unchanged).
Since the meeting Governor Lowe has spoken, at length:
- More from RBA Governor Lowe says likely to stop QE bond-buying in 2022
- RBA Governor Lowe says Delta outbreak has delayed, not derailed economic recovery
Lowe provided more on what the RBA was thinking - most notably very strongly pushing back on any idea the Bank would be hiking the cash rate before 2024.
The minutes will be of interest but given Lowe's communications since the meeting the minutes will be unlikely to give much more insight than we already have.
Minutes release is at 0130 GMT on September 21.
