Following are the key headlines from the July RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe.
“Will maintain accommodative approach for as long as required.”
“Board will not increase cash rate target until progress is made on employment, inflation objectives.”
“Maintains 0.25% target on three-year bond yields.”
“Prepared to scale-up its bond purchases again if needed.”
“Board committed to do what it can to support jobs, incomes, businesses.”
“Will do whatever is necessary to ensure bond markets remain functional, achieve yield target.”
“Likely that fiscal, monetary support will be required for some time.
“Target will remain in place until progress made towards goals for full employment, inflation
“Outlook, including nature & speed of expected recovery, remains "highly uncertain".”
“Australian economy is going through a very difficult period and is experiencing the biggest contraction since the 1930s.”
“Uncertainty about health situation and future strength of the economy is making many households and businesses cautious.”
“Global leading indicators have generally picked up recently, suggesting the worst of the global economic contraction has now passed,”
“Conditions have stabilised recently and the downturn has been less severe than earlier expected.”
“Australia’s economy going through "a very difficult period"; experiencing the biggest economic contraction since the 1930s.”
“The global outlook remains uncertain.”
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