The bank remains optimistic on the outlook for the global economy, along with non-mining business investment and labour market conditions in Australia. However, as has been the case for several months, it remained “uncertain” about the outlook for household consumption, the largest and most important part of the Australian economy.
The RBA is uncertain and in no rush to move interest rates
The minutes of the RBA’s March policy meeting offered very little new information for markets. It remains optimistic about the Australian and global economy yet remains uncertain about the outlook for Australian household spending and wage growth. Until that uncertainty is resolved, interest rates are likely to remain unchanged.The Reserve Bank of Australia (RBA) released the minutes of its March monetary policy meeting today to little fanfare, largely reflecting that nothing has really changed in recent weeks.
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