But don't get to excited folks, any move is a long. long way off
- says expect the next move in interest rates to be up
- says we are likely to make further gradual progress on inflation, unemployment over next couple of years
- says a number of risks have increased for the global outlook
- says we are making progress towards full employment, returning inflation to midpoint of target range
- says one uncertainty for global outlook is possibility of an escalation in global trade tensions
- says board's view is that it is likely that we will hold steady for a while yet
- says measures announced so far are unlikely to derail the global expansion
- says some time before we are at full employment
- says prepared to maintain current policy stance until employment, inflation benchmarks more clearly in sight
- says another risk is from individual economies with country-specific structural and/or institutional vulnerabilities, including Argentina, Brazil, Italy and Turkey
- says housing markets in Sydney and Melbourne have clearly slowed and prices are coming down
- says housing pull-back a welcome development, can put the market on a more sustainable footing
- says pick-up in wages growth is still expected to be fairly gradual
- says continuing to keep a close eye on housing market developments across the country
- says not a strong case for a near-term adjustment in interest rates
- Australian economy looks to have grown strongly in H1, one offsetting factor is drought in eastern Australia
(summary of prepared text major points via Reuters)
ES main points summary
- this is more of the same as we have become accustomed to from the RBA and Lowe
- maybe the Q&A will be interesting (the dumb questions from pollies are often a hoot!)
,
AUD doing nothing.
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full text here:
Q&A to follow
