RBA Sees Solid Growth, Slow Inflation as Cash Rate Stays on Hold

Friday, 10 November 2017 08:47 WIB

RBAReserve Bank of Australia


Australia central bank used its Statement on Monetary Policyto flesh out its consistent recent view of accelerating growth and sluggish inflation, suggesting interest rates will stay at a record-low 1.5 percent.

Inflation held down by low wage growth, retail competition and spare capacity in labor market despite recent strong hiring; annual core inflation will only reach 2% in 2019.

Quarterly GDP growth to ease slightly in third quarter, then to average about 3% over next couple of years, led by resource exports and more positive business investment.

Household consumption likely slowed in third quarter after weak retail data; weak income growth and high debt levels are constraints.

Labor market conditions have “strengthened considerably” and forward indicators suggest “above-average employment growth” will continue.

The RBA looked at the implications of CPI weights going out of date: “the bank estimates that substitution bias had reached around 0.4 percentage points for year-ended CPI inflation to the September quarter 2017.”

Source : Bloomberg




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