RBA Minutes: Board prepared to ease policy if needed

Australia’s central bank reviewed the case for a further reduction in the cash rate at its February policy meeting but considered the risks outweighed the benefits, minutes released on Tuesday showed.

Key notes

• 17-Feb-2020 18:30:01 – RBA MINUTES: BOARD DISCUSSED CASE FOR EASING, CHOSE TO HOLD GIVEN RATES ALREADY VERY LOW
• 17-Feb-2020 18:30:01 – RBA: BOARD REMAINED PREPARED TO EASE POLICY FURTHER IF NEEDED
• 17-Feb-2020 18:30:01 – RBA: REASONABLE TO EXPECT EXTENDED PERIOD OF LOW RATES WILL BE REQUIRED
• 17-Feb-2020 18:30:01 – RBA: FURTHER RATE CUT COULD SPEED PROGRESS TOWARD JOBS AND INFLATION TARGET
• 17-Feb-2020 18:30:01 – RBA: BUT NEEDED TO BE BALANCED WITH RISKS FROM YET LOWER RATES, INCLUDING IMPACT ON SAVERS
• 17-Feb-2020 18:30:01 – RBA: RISK EASING COULD ENCOURAGE MORE BORROWING WHEN HOME PRICES ALREADY RISING STRONGLY
• 17-Feb-2020 18:30:01 – RBA: BOARD TO MONITOR DEVELOPMENTS CAREFULLY, INCLUDING IN LABOUR MARKET
• 17-Feb-2020 18:30:01 – RBA: NOTED A$ WAS NEAR ITS LOWEST LEVEL SINCE 2009
• 17-Feb-2020 18:30:01 – RBA MINUTES: CORONAVIRUS NEW SOURCE OF UNCERTAINTY FOR GLOBAL ECONOMY, TOO EARLY TO JUDGE IMPACT
• 17-Feb-2020 18:30:01 – RBA MINUTES: CORONAVIRUS A “MATERIAL” RISK TO OUTLOOK FOR CHINA ECONOMY, AND THUS AUSTRALIA
• 17-Feb-2020 18:30:01 – RBA: ECONOMIC DRAG FROM BUSHFIRES TO BE FELT IN Q4 AND Q1, FULL RECOVERY EXPECTED BY YEAR END
• 17-Feb-2020 18:30:01 – RBA: OUTLOOK REMAINED FOR AUSTRALIAN ECONOMY TO IMPROVE DUE IN PART TO HOUSING PICK UP
• 17-Feb-2020 18:30:01 – RBA: CONSUMPTION A KEY UNCERTAINTY, RISING HOUSING PRICES AND TURNOVER SHOULD SUPPORT
• 17-Feb-2020 18:30:01 – RBA: ACCELERATION IN WAGE GROWTH WOULD BE WELCOME, THOUGH NO PICK UP SEEN OVER NEXT TWO YEARS

More to come…