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Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Members commenced their discussion of the domestic economy by noting that the June quarter inflation data had been in line with the Bank's expectations and provided further confirmation that inflation had increased since 2016. Underlying inflation was ½ per cent in the June quarter and headline inflation was only slightly lower. Both Consumer Price Index (CPI) inflation and measures of underlying inflation were running at a little under 2 per cent in year-ended terms. Non-tradables inflation had reached its highest year-ended rate in two years in the June quarter, boosted by rises in tobacco excise and utilities ... (full story)
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RBA Minutes Indicate that Housing Market Conditions “Warrant Careful Monitoring”
Australia’s red-hot housing market warrants “careful monitoring” by policymakers, especially as household balance sheets continue to rise, the minutes of the August 1 Reserve Bank of Australia (RBA) meetings showed Tuesday. Although there are some signs that housing market conditions are stabilizing, capital regions such as Sydney and Melbourne continue to see strong price growth. What’s more, “overall housing credit growth had continued to outpace the relatively slow growth in household incomes.” The RBA held its trend-setting interest rate at a record low of 1.5% earlier this month, where it has stood ... (full story)
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