RBA minutes: Would consider further policy easing if needed to support growth, inflation targets – AUD tests lows


The Reserve Bank of Australia (RBA) published the minutes of its September 3rd, 2019 monetary policy meeting on Tuesday, with the key headlines found below.  

Board would consider further policy easing if needed to support growth, inflation targets.

Reasonable to expect extended period of low interest rates to achieve employment, inflation goals.

Members would assess developments globally and at home when considering monetary policy.

Members had detailed discussion on ways financial conditions abroad affect Australia.

Recent outcomes suggest spare capacity remained in the labor market.

Australian economy could sustain lower rates of unemployment and underemployment.

Liaison with retailers suggested govt tax rebates yet to lift spending noticeably.

Further signs of turnaround in established housing market, but turnover still low.

See near-term weakness in high-density dwelling investment, could "sow the seeds" of price upswing at some point.

Further gradual lift in wages growth would be a welcome development.

Outlook for consumption growth key uncertainty.

Expect gradual pick-up in household disposable income, higher home prices to support consumption growth.

Further monetary easing "widely expected" around the world.

Escalation in Sino-US trade dispute has intensified downside risks to global growth.

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