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RBA |
Written by Reserve Bank of Australia |
Mar 18 08 02:34 GMT
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The Board's discussion on the world economy commenced with a briefing on the outlook for growth in the economies of Australia's trading partners. The staff forecasts, which had been published in the February Statement on Monetary Policy, were for a noticeable slowing in trading partner growth in 2008, reflecting a sharp fall in growth among the G7 economies and ongoing strength in the Asian economies. Trading partner growth was then forecast to rise slightly in 2009. |
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RBA |
Written by Reserve Bank of Australia |
Mar 05 08 03:17 GMT
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Since I spoke here last year, the economic situation in Australia and abroad has changed quite markedly. The outlook and risks for the global economy have clearly shifted, and so have the prospects for domestic inflation. I want to use my time today to review how these things have evolved over the past year. The main themes are that the past year was a period of higher-than-expected growth, both here and abroad; that domestic inflation picked up; but there are some forces at work that can be expected to put downward pressure on inflation over time. |
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RBA |
Written by Reserve Bank of Australia |
Mar 03 08 21:39 GMT
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At its meeting today, the Board decided to increase the cash rate by 25 basis points to 7.25 per cent, effective 5 March 2008. This adjustment was made in order to contain and reduce inflation over the medium term. Inflation was high in 2007, with an annual CPI increase of 3 per cent in the December quarter and underlying measures around 3 |
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RBA |
Written by Reserve Bank of Australia |
Feb 19 08 00:53 GMT
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Board members were briefed on the CPI data for the December quarter 2007. The quarterly outcome was relatively high at 0.9 per cent, which had lifted the year-ended inflation rate to 3 per cent. There had now been three consecutive high quarterly readings, with the year-ended rate likely to rise further as the price falls associated with falling fruit prices around the beginning of 2007 dropped out of the calculation. In underlying terms, taking an average of the trimmed mean and weighted median measures, year-ended inflation had increased to 3.6 per cent after a period where it had been stable at around 3 per cent. |
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RBA |
Written by Reserve Bank of Australia |
Feb 19 08 00:50 GMT
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Since the last time I spoke at this event, the RBA has taken a number of steps to increase the amount of information it makes available to the public, both about its policy processes, and its thinking about the economy. We now issue a monthly statement after each Board meeting, setting out the reasons for the latest decision, whether or not the interest rate is being changed. Minutes of the Board meetings are now also published, and they give additional detail on the matters that were considered and the reasoning behind the decision. And those of you who follow these things closely would know that we've increased the level of detail in the economic forecasts set out in our quarterly Statement on Monetary Policy. |
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RBA |
Written by Reserve Bank of Australia |
Feb 10 08 19:31 GMT
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The Australian economy has remained robust in the recent period, notwithstanding a more difficult international environment. Domestic demand and activity have remained strong and capacity usage is high after a long period of economic expansion. These conditions have been associated with a rise in inflation. Hence Australian monetary policy has had to take into account sharply contrasting domestic and international developments. |
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RBA |
Written by Reserve Bank of Australia |
Feb 04 08 22:24 GMT
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Recent information points to significant inflation pressures. CPI inflation on a year |
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RBA |
Written by Reserve Bank of Australia |
Jan 18 08 09:49 GMT
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Based on what we can see at present, my judgement is that the direct financial effects of the global turmoil on Australia are likely to be confined mainly to the impact on borrowing costs of the liquidity squeeze of recent months, which has pushed up the cost of wholesale finance a bit in addition to the effects of monetary policy changes. Taking into account the strength of demand, this increase in borrowing costs does not seem likely to pose a particular problem for the economy as a whole. There is no evidence, moreover, of a 'credit crunch' in the domestic financial sector. On the contrary, thus far the core elements of the domestic system have stepped into the potential gap left by the capital markets. |
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RBA |
Written by Reserve Bank of Australia |
Dec 18 07 05:19 GMT
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The meeting began with a discussion about the world economic environment. National accounts data for the September quarter for most of Australia |
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RBA |
Written by Reserve Bank of Australia |
Dec 05 07 05:20 GMT
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At its meeting yesterday, the Board decided to leave the cash rate unchanged at 6.75 per cent. As part of wider changes to communication practices which the Board has adopted (see separate announcement on communication), it was further decided that a statement explaining the decision would be released. |
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