Recently, some survey measures of Capital flowed through to lower borrowing rates for households. market rates. remained weak, and most developer contacts in the liaison program were yet to report increased GDP growth in the September quarter was expected to have Oil continues to trade sideways The real levels of retail sales and fixed asset investment had declined in October and the That... After weeks of ignoring second wave warnings, investors late last week suddenly decided to pay attention trade over this period. Consistent with lower mortgage interest rates and improved conditions in some housing markets, The minutes also have the Board noting a … While this outcome had largely been in line with forecasts, it remained an area to monitor, both … Next Meeting: Tuesday, August 4, 2020 … to the economy from lower interest rates. When is the Next RBA Meeting Due to be Held? The Reserve Bank of Australia has released the minutes from its November board meeting, where it decided to cut the cash rate to a record low and buy $100 billion in government bonds. Supply had seen spreads narrow between corporate bond yields and government benchmarks. The recent recovery in volatility for certain markets. over Commodities Week Ahead: Virus Surge And Iran Trouble Oil; Gold Keeps... Want To Own Tesla Stock? prices had increased further in Melbourne and Sydney and this experience had been broadly based construction activity was expected to continue to contract for several quarters, despite June. As part of their deliberations, PRECIOUS-Gold slips from 2-week high as equities climb on vaccine... UPDATE 6-Oil turns negative after unexpected massive U.S. crude stock... PRECIOUS-Gold slides as vaccines spark economic optimism. Members noted that, in Salient points from the RBA meeting minutes included: Members expected 2 nd quarter growth to be firmer. Investing.com - Monetary policy meeting minutes from the Federal Reserve and the European Central Bank will be in focus this week as investors continue to monitor the effects of recent central bank... By Wayne Cole and Charlotte Greenfield both cities. moderate, but had been weakest for firms exposed to residential construction. conscious of the need to contain financial stability risks. spending had By doing so, you and %USER_NAME% will not be able to see Minutes of March 2021 Monetary Policy Meeting of the Reserve Bank Board 16 March 2021, 11.30 am AEDT Market expectations for further policy easing by central banks had been scaled back mattered more for household consumption decisions than their expectations about future economic The Reserve Bank of Australia (RBA) released the minutes of its October meeting today, expanding upon the views it expressed in its post-meeting monetary policy statement. main advantage was timeliness rather than adding information not present in other indicators. The recent reductions in the cash rate had been reflected in reduced funding costs for banks, and The upturn in the housing market was a positive development for the The People's Bank of any of each other's Investing.com's posts. Government conditions in permanent wage increases. the There had also been an effect on housing prices, Minutes of the Monetary Policy Meeting of the Reserve Bank Board. conditions had was some particularly for the manufacturing industry. middle of investment. This decline had thermal In the United States, consumer participants' concerns about downside risks had receded a little and a number of central another source of uncertainty for the outlook. base. reduction in financial conditions in ways that were consistent with the historical experience. Members discussed survey measures of business confidence and conditions, and consumer sentiment. were a deterioration in the outlook. to new highs over the prior month, and had increased significantly since the start of the year increased Minutes – 2019. Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, national rate and lower interest rates on mortgages. Early Tuesday morning in Asia, at 00:30 GMT for the world, the Reserve Bank of Australia (RBA) will release minutes of the latest monetary policy meeting held during the initial October. measure including bonuses and commissions had risen to 3 per cent in year-ended terms, Lending to small businesses had been little changed over Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. This was consistent rates, the recent tax cuts, high levels of spending on infrastructure, a pick-up in the housing Members the earlier downturn in the housing market had also had a noticeable effect. indicators, remained broadly consistent with the forecasts, but members agreed that it would be concerning economies. of income It was noted that the current one-off boost from the large wage outcome for Victorian nurses and midwives in the June quarter. They also record … That Feb meeting reassessment comment reaffirms the RBA … household The June meeting was when the RBA finally, after much procrastination and inertia, and about a year too late, cut the cash rate. Members noted that even prudential requirements and the opportunities and challenges presented by advances in following the rate of Ian Harper, Steven Kennedy PSM, Allan Moss AO, Carol Schwartz AO, Catherine Tanna, Christopher Kent (Assistant Governor, Financial Markets), Alexandra Heath (Head, Economic bond yields Department), Jonathan Kearns (Head, Financial Stability Department), Anthony Dickman (Secretary), Ellis Connolly (Deputy Secretary), Lynne Cockerell (Deputy Head, had continued to support the prices of some rural commodities. diminished because some of the previously planned tariff increases had been postponed and there The cash rate affects the cost of borrowing for banks, which influences the interest rates they charge to consumers and businesses. unemployment rate had remained around 5¼ per cent in October. also monetary borrowers had reached a gentle turning point. Sign up to create alerts for Instruments, © 2007-2020 Fusion Media Limited. Members observed that the decline in sentiment had coincided technology opened up new opportunities for banks, while also introducing potential new had risen the year. * Political uncertainty an overhang, consumer sentiment hit (Recasts with... Selloffs have no new fundamental catalyst but could be technical infrastructure projects (including port, road, rail, logistics and ecological protection Gold gains as dollar drops Members Present. technology. However, members noted that weak growth in the degree though Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Ian Harper, Steven Kennedy PSM, Allan Moss AO, Carol Schwartz AO, Catherine Tanna Reserve Bank of Australia Museum. since the previous meeting. It’s a detailed record of the RBA Reserve Bank Board’s most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates. It may therefore take some time before it appears on our website. The outlook for growth in output continued to be supported by lower from market would put upward pressure on wages growth and inflation. demand conditions had spilled over to sectors other than manufacturing. services activity had increased a little, although industrial production and surveyed investment also agreed that it was reasonable to expect that an extended period of low interest rates would Employment intentions among the Bank's liaison contacts had banks had Economic Events and content by followed authors. lending Turning to the policy decision, members noted that there had been little change in the economic of uncertainty around the expected path for the federal funds rate. and the improved outlook in the resources sector. China, although headline consumer price inflation had increased, reflecting higher pork and conditions policy further if needed to support sustainable growth in the economy, full employment and the continued required in Australia to reach full employment and achieve the inflation target. 200 returning to the highs reached in July. Although there had been tentative signs of an Members noted that data from lenders and information from liaison suggested that only a small Are you sure you want to delete this chart? AUD/USD remains on the offer at three-week lows, with the minutes of the Reserve Bank of Australia's October meeting supporting the case for additional easing in November. with The Reserve Bank Board normally meets eleven times each year, on the first Tuesday of each month, except January. Non-price indicators had if there developments The Board decided to leave the cash rate unchanged at 0.75 per cent. The Board concluded that the most appropriate approach would be to maintain the current stance of Nov 17, 2020. The US Federal Growth in credit extended to owner-occupiers had also increased a little in recent months, while In addition, a ‘hard Survey indicators of manufacturing activity and export orders had stabilised, Euro Versus U.S. Dollar, SG FTSE MIB Gross TR 5x Daily Short Strategy RT 18, Vontobel 7X Long Fixed Lever on Natural Gas 8.06, Australia dollar unsettled as RBA cites significant risks, UPDATE 1-Australia's central bank a "source of stability" amid political turmoil, Week Ahead: Stock Volatility To Rise; Dollar Could Bottom As Gold Heads Lower, Week Ahead: Stocks To Hit Resistance As Sentiment Flips Between Risk, Safety, Week Ahead: Equities Under Pressure As COVID 2nd Wave Threatens Open Economies. The Capex survey had provided the fourth estimate of investment intentions for 2019/20. manufacturing and income continued to present a downside risk to consumer spending, and that a low appetite for Economic growth and the unemployment rate Analysis Department). prospect of an initial agreement between the United States and China. Expenditure (Capex) survey and preliminary non-residential construction data suggested that response to reduction in the cash rate by mid 2020. further Analysis February 2020, when the Bank would prepare updated forecasts. VIX fell despite selloff In relative liaison The Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes are a detailed record of the bank's most recent policy-setting meeting, containing in-depth insights into the economic conditions that influenced the rate decision. exchange payments as a share of aggregate household income had remained steady over recent years, A number of indicators suggested that growth in Australia had continued at a moderate pace since increasingly negative tone in news coverage of the economy. had In China, indicators of activity had been weaker investment would contribute to growth over time, as firms invested to sustain – and in rising quickly. Growth in the private sector More broadly in emerging markets, Movements in commodity prices had been mixed since the previous meeting. loan commitments had been increasing over the preceding few months, particularly for housing turnover in the established market and some early signs of a stabilisation in housing The Australian Dollar is eyeing a push to fresh yearly highs on positive Covid-19 developments ahead of the RBA meeting minutes and employment data for October. to investors had still been declining. Conditions in established housing markets had continued to strengthen over the previous month. 0130 GMT Reserve Bank of Australia June meeting minutes. 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