Matt Simpson, CFTe, MSTA
CityIndex
At 76 pages, this is longer than the usual RBA statement, with the main ficus being on downgrades.
RBA Trimmed growth an inflation forecasts:
- Cuts end-2015 GDP forecast To 2.5%-3.5% Vs 2.75%-3.75%
- Cuts end-2014 CPI forecast To 2% Vs 2.75%
- Raises end-2015 CPI forecast To 2.5%-3.5% Vs 2.25%-3.25%
- Cuts end-2014 Core CPI forecast To 2.25% Vs 2.5%
- Cuts mid-2015 Core CPI forecast To 1.75%-2.75% Vs 2.25%-3.25%
RBA:
- Monetary Policy Settings Appropriate
- 12-year high unemployment comes at a time when the sample set has been rotated
- Unemployment not expected to decline consistently
- Iron ore & coal: At current prices, there is a sizeable amount of coal and iron ore production that is unprofitable. The outlook for prices will depend on what proportion of these mines is shut down.
Home Loans down -0.2% m/m
Australia Jun Value Of Investment Housing Finance -0.3% Vs May
Australia Jun Housing Finance +0.2% Vs May; Forecast +0.6%
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