オーストラリア - 利率

The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.75 percent during its December meeting, as policymakers assess the impact of the three cuts already delivered this year. The board added that they will continue to monitor the labor market and that it was reasonable to expect an extended period of low interest rates due to both global and domestic factors. Policymakers are also prepared to ease monetary policy further if needed to support growth.

There was a case for lowering the cash rate in Australia to a new record low, but the most appropriate approach would be to maintain the current stance of monetary policy, Minutes from the RBA's November meeting showed. This case largely rested on only gradual progress having been made towards the bank's goals, it added. While members judged that lower interest rates were supporting the economy through the usual transmission channels (including a lower exchange rate, higher asset prices and higher cash flows for borrowers), they recognised the negative effects of lower interest rates on savers and confidence. "The board would continue to monitor developments, including in the labor market, and was prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time."

The Reserves Bank of Australia said the Australian economy was gradually coming out of a soft patch, it said in its quarterly monetary policy statement. Global financial markets too appear to have passed a trough of pessimism, it added, painting a more upbeat picture of the world economy than in its previous review in August. With regard to wages growth, the central bank noted it has showed little sign of picking up, with private sector wages growth is expected to remain close to its current rate, while in the public sector, wages growth is expected to continue to be constrained by government wages caps. Faster wages growth would be needed for inflation to be sustainably within the 2–3 per cent target range.

The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.75 percent during its October meeting, as widely expected, with policymakers assessing the impact of the three cuts already delivered since June. The board added that given global developments and the evidence of the spare capacity in the economy, it is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. Also, they will continue to monitor the labor market, and are prepared to ease monetary policy further if needed to support sustainable growth, full employment and the achievement of the inflation target over time.

The Reserve Bank of Australia will assess global and domestic development, including the labor market, before lowering interest rates further, Minutes of its October meeting showed. Members noted that the bank's most recent forecasts suggested that the unemployment and inflation outcomes over the following couple of years were likely to be short of the bank's goals, it added. Also, the ongoing subdued rate of wages growth suggested that the economy still had spare capacity. At the same time, members recognised the possibility that policy stimulus might be less effective than past experience suggests. However, transmission through the exchange rate channel was still considered likely to work effectively, and evidence suggested that the positive effects of lower interest rates on aggregate household cash flows via lower debt repayments was likely to support household spending, given that household interest payments exceed receipts by more than two to one.

The Reserve Bank of Australia lowered its cash rate by 25 bps to a new record low of 0.75 percent during its September meeting, the third rate cut this year, aiming to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target. Policymakers also signalled the need for an extended period of low interest rates, while saying the central bank is prepared to ease monetary policy further if needed.