RBA’s Lowe: Board sees no strong case for near-term rate move

The Reserve Bank of Australia (RBA) Governor Lowe is on the wires now, via Reuters, making a scheduled speech titled "Demographic Change and Recent Monetary Policy" at the Anika Foundation Luncheon, in Sydney.

Key Headlines:

Board sees no strong case for near-term rate move.

Says next rate move likely to be up if economy evolves as expected.

The timing of move depends on unemployment, inflation moving to middle of target range.

Says natural for rates to eventually return to more "normal" levels.

Financial risks moving in right direction as house prices, borrowing eases.

Wages picking up in pockets of labour market, broader rise will be gradual.

Says expects inflation to rise close to 2.5 pct in 2020.

Unemployment to reach 5 pct over next few years.

Says 5 pct is conventional estimate of full employment, but could go lower.

Latest data consistent with forecasts for economic growth bit above 3 pct in 2018/2019.

Says Australia’s demographic profile more positive than of many other countries.

Higher migration has led to faster population growth than in other advanced economies.

Migration one reason economy has experienced higher average growth.

Migrants tend to be younger, changing our demographic profile in a positive way.

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