Reserve Bank of Australia Governor Lowe appearing in front of a parliamentary committee (House of Representatives' Standing Committee on Economics)
- Improvement in the global economy has continued
- Labour market is noticeably stronger than the RBA had expected
- Strength of consumer spending remains uncertain
- There will be slow growth in household incomes for some time yet
- Less monetary stimulus will be appropriate at some point
There will be more to come, but as I update Lowe is hitting familiar themes. These headlines are from his opening remarks. Full text here: Opening Statement to the House of Representatives Standing Committee on Economics
And there will be (plenty of) Q&A to follow
AUD/USD is barely moved ... as I said in my preview earlier there is nothing much new expected from this given the plethora of communications from Lowe and the Bank last week.
Stay tuned for the Q&A though - that'll be where something more interesting my emerge.
More from the opening statement:
- Does not see a strong case for near-term adjustment to policy
- Economy moving in the right direction over the past year
- RBA continues to look carefully at household balance sheets - there has been some containment of the build up of risk here
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