RBA minutes: Board agreed there was not a strong case for near-term move in policy

Omkar Godbole FXStreet Contributor

The minutes of the Reserve Bank of Australia (RBA) April monetary policy meeting released today showed the policymakers see little reason for a near-term move in policy.

Key points

Board agreed there was not a strong case for near-term move in policy
Given current circumstances, the board agreed with next move in rates likely to be up
Progress on unemployment and inflation likely to be only gradual
Inflation to remain low for some time given retail competition, slow wage growth
The economy "Appeared likely" to grow faster this year than in 2017
An appreciation in the A$ would slow expected acceleration in the economy
Wages expected to pick up gradually as leading indicators pointed to more job gains
Still spare capacity in labor market, underemployment at high levels
High household debt creates uncertainty for consumption outlook
Board noted the rise in US money market rates had flowed through to Australian rates
Risk of escalation in global trade restrictions needed to be monitored closely
Conditions in global economy positive, china debt levels an important risk

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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