RBA assistant governor for economics Luci Ellis on Wednesday has addressed the Urban Development Institute of Australia 2022 national conference in Sydney on "Housing in the Endemic Phase". The comments have been listed by central bank observers for any clues to the likely speed of interest rate hikes in coming months.
Australia expects to have created 40K new jobs in March
Australian economic progress may force RBA's hand sooner than expected
Reuters reported that ''Australia's central bank on Monday projected its A$600-billion ($423.66 billion) balance sheet would remain large for some years to come as bonds it bought under quantitative easing slowly mature and repeated it had no plans to sell its holdings early.''
Minutes of the Reserve Bank of Australia's May monetary policy meeting showed that members considered three options, raising the cash rate by 15 basis points, 25 basis points or 40 basis points.
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April RBA meeting review
The Reserve Bank of Australia (RBA) board members decided to keep the official cash rate (OCR) steady at a record low of 0.10% during their April 5 monetary policy meeting. The RBA monetary policy statement read that the Australian economy remains resilient and spending is picking up following the omicron setback.
Following are the key headlines from the April RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe."Will assess incoming information as its sets policy to support full employment in Australia and inflation outcomes consistent with the target."
March RBA meeting review
The Reserve Bank of Australia (RBA) board members decided to keep the official cash rate (OCR) steady at a record low of 0.10% during their March 1 monetary policy meeting. The RBA monetary policy statement read that the board is prepared to be patient.
Following are the key headlines from the March RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe."Board is committed to maintaining highly supportive monetary conditions."
What is the RBA?
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.
Who is RBA's president?
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.
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The World Interest Rates Table
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.