Reserve Bank of Australia Governor Bullock opening statement:
-
Board is of the view that it currently has the balance right between
reducing inflation in a reasonable timeframe - Our full employment
goal is not served by letting inflation stay above target
indefinitely. - The board remains
focused on the potential upside risks to inflation. - Board is trying to
bring inflation back to target in a reasonable timeframe while
preserving as many of the gains in the labour market that we have
seen in the past few years - There has been
further progress on inflation, but it has been very slow - The economic outlook
remains highly uncertain. - Underlying inflation
remains too high - Based on what the
board knows at present, it does not expect that it will be in a
position to cut rates in the near term. - The board’s
message, though, was that it is premature to be thinking about rate
cuts. - While goods price
inflation has declined substantially, it has not been enough to
offset continued high services price inflation
This article was written by Eamonn Sheridan at www.forexlive.com. Source