RBA Minutes: Inflation Slowing Less Than Expected
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board said that the country's economy was slowing and that inflation was declining less than expected, minutes from the central bank's May 7 meeting revealed on Tuesday.
A higher cash rate may be necessary to slow the pace of disinflation, the bank said.
Consumer spending was also weaker than expected, the minutes showed, and consumption growth was expected to remain weak for the rest of 2024.
At the meeting, the RBA policy board left its benchmark interest rates unchanged, leaving the cash rate target at 4:35 percent. The board also retained the interest rate paid on Exchange Settlement balances at 4.25 percent.
read more
RBA Chief Says Rate Cuts Are Premature
Reserve Bank of Australia Governor Michele Bullock said it is premature to think about interest rate cuts and the highest priority is to bring inflation sustainably towards the target. At the Anika Foundation, Bullock reiterated that the bank remains vigilant to upside risks to inflation and the monetary policy needs to remain sufficiently restrictive.
RTTNews
|
2 days ago
Australia July Trade Surplus A$6.009 Billion
Australia posted a merchandise trade surplus of A$6.009 billion in July, the Australian Bureau of Statistics said on Thursday.
RTTNews
|
3 days ago
Australia GDP Expands 0.2% In Q2
Australia's gross domestic product expanded a seasonally adjusted 0.2 percent on quarter in the second quarter of 2024, the Australian Bureau of Statistics said on Wednesday - in line with expectations and accelerating from 0.1 percent in the previous quarter.
RTTNews
|
4 days ago
Australia Services Sector Accelerates In August - Judo Bank
The services sector in Australia continued to expand in August, and at a faster pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 52.5.
RTTNews
|
4 days ago
Australia Company Profits Sink 5.3% In Q2
Company gross operating profits in Australia were down a seasonally adjusted 5.3 percent on quarter in the second quarter of 2024, the Australian Bureau of Statistics said on Monday.
RTTNews
|
6 days ago
Australia Building Approvals Jump 10.4% In July
The total number of building permits issued in Australia was up a seasonally adjusted 10.4 percent on month in July, the Australian Bureau of Statistics said on Monday - coming in at 14,797.
RTTNews
|
6 days ago
Australia Manufacturing PMI Ticks Higher In August - Judo Bank
The manufacturing sector in Australia continued to contract in August, albeit at a slower rate, the latest survey from Jufo Bank revealed on Monday with a manufacturing PMI score of 48.5.
RTTNews
|
6 days ago
Australia Capital Expenditure Falls Unexpectedly
Australia's capital expenditure declined unexpectedly in the second quarter, data published by the Australian Bureau of Statistics showed on Thursday. Private new capital expenditure decreased 2.2 percent from the previous quarter, confounding expectations for an increase of 0.9 percent. This follows a 1.9 percent rise in the first quarter.
RTTNews
|
9 days ago
