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


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

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