RBA: Setback to the economic expansion in Australia is expected to be only temporary

Dhwani Mehta FXStreet

Following are the key headlines from the September RBA monetary policy statement, via Reuters, as presented by Governor Phillip Low.

Central scenario is condition for rate rise will not be met before 2024.

Committed to maintaining highly supportive monetary conditions.

Setback to the economic expansion in Australia is expected to be only temporary.

Vaccination rates increase further and restrictions are eased, the economy is expected to bounce back.

Economy will be growing again in the December quarter.

Package of policies are providing substantial and ongoing support to the Australian economy.

Bank's business liaison and data on job vacancies suggest that many firms are seeking to hire workers ahead of the expected reopening.

Wage and price pressures remain subdued in Australia.

It is important that lending standards are maintained and that loan serviceability buffers are appropriate.

Wage and price pressures remain subdued.

Bank's business liaison and data on job vacancies suggest that many firms are seeking to hire workers ahead of the expected reopening in October and November.

AUD/USD retreats towards 0.7250 on cautiously optimistic RBA, US PMI eyed

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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