Australia’s labor market recovery is seen slowing in October, the latest employment report, due to be published by the Australian Bureau of Statistics (ABS), will show this Thursday. Despite the no. 2 most populous state of Victoria out of its tough COVID-19 restrictions, the rise in the unemployment rate is likely to continue, just as job losses accelerate.
The Reserve Bank of Australia's Minutes has sown that the central bank is ready to provide yet more policy stimulus if needed after cutting rates to record lows, a pledge that may be tested given the latest outbreak of coronavirus in the country. ''Minutes of the Reserve Bank of Australia's (RBA) Nov. 3 policy meeting released on Tuesday showed the bank's Board felt taking interest rates negative was not "sensible" and any further action would involve increased bond purchases,'' Reuters reported.
The economic growth depends on keeping the coronavirus situation under control, Lowe said at a webinar hosted by the Committee for Economic Development of Australia.
Additional comments crossing the wires, as the Reserve Bank of Australia (RBA) Governor Phillip Lowe continues to speak at the post-monetary policy meeting press conference on Tuesday.
The RBA's Minutes has sown that the central bank is ready to provide yet more policy stimulus if needed after cutting rates to record lows, a pledge that may be tested given the latest outbreak of coronavirus in the country.
At its November monetary policy meeting on Tuesday, the Reserve Bank of Australia (RBA) board members slashed the official cash rate (OCR) to a record low of 0.10% from 0.25% previous, as widely expected.
The October Reserve Bank of Australia meeting minutes have provided some additional colour on the Board’s view of risks to the economy and the outlook for policy.
RBA's Kent has stated that the expansion of balance sheet adding monetary stimulus and that easing in financial conditions has been greater than during GFC. Additional comments: "A mix of longer-dated repos, govt bonds has led to broader, more durable easing."
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.
Lowe on his profile and Wikipedia.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
