Reserve Bank of Australia Statement on Monetary Policy

05.02.2016 / 03:21

Rating:

Repeats low inflation may provide scope for easier policy if needed.

Sees reasonable prospects for continued growth in the economy.

AUD has been adjusting to lower commodity prices, supporting service exports.

No material changes to gdp or inflation forecasts.

Cuts unemployment forecast, employment growth strong enough to reduce jobless rate further.

Strong service sector growth, subdued wages supporting labour demand.

Sees GDP growth at 2.5% end 2015, 2.5%-3.5% end 2016 and end 2017, 3%-4% pct to end June 2018.

Pace of GDP growth in December qtr expected to have been below average.

Pick up in consumption is being sustained, liaison suggests retail sales improved over Xmas period.

Conditions in housing market have eased, growth in investor loans has declined.

China remains a key uncertainty, risk of capital flight could limit scope for monetary easing.

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Reserve Bank of Australia Statement on Monetary Policy

London

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