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Reserve Bank of Australia (RBA)



(RBA) Glenn Stevens - Financial System Developments Print E-mail
RBA | Written by Reserve Bank of Australia | Feb 10 09 03:36 GMT
It is a great pleasure to be here in Kuala Lumpur at this celebration of Bank Negara Malaysia's 50th Anniversary. The two central banks actually have something of a shared history. In the late 1950s, the Commonwealth Bank of Australia, as Australia's central bank was then known, seconded officers to assist with the establishment of Bank Negara. One of them, Tan Sri W.H. Wilcock, became Bank Negara's first Governor in 1959. So it is a pleasure indeed to be renewing the relationship in this way here today.
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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 3 February 2009 Print E-mail
RBA | Written by Reserve Bank of Australia | Feb 02 09 21:53 GMT
At its meeting today, the Board decided to reduce the cash rate by a further 100 basis points, to 3.25 per cent, effective 4 February 2009. There was a significant deterioration in world economic conditions late in 2008. The effects on household and business confidence of the financial turmoil following Lehman
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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 2 December 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Dec 01 08 22:00 GMT
At its meeting today, the Board decided to reduce the cash rate by a further 100 basis points, to 4.25 per cent, effective 3 December 2008. Recent actions by governments and central banks to stabilise their respective financial systems have begun to take effect. Nonetheless, financial market sentiment remains fragile, as evidence accumulates of weak economic conditions in the major countries and a significant slowing in many emerging countries. Commodity prices have fallen further. This, combined with the likelihood of below-trend growth in the global economy, suggests that global inflation will moderate significantly in 2009.
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(RBA) Reserve Bank of Australia Minutes of the Monetary Policy Meeting of the Board, 4 November 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Nov 17 08 23:34 GMT
The Board's review of international economic conditions commenced with the United States, where the latest data confirmed deteriorating economic conditions. US GDP had recorded a small fall in the September quarter, with the national accounts indicating weak consumption, a continuing drag on growth from housing activity and flat business investment. Only government spending and exports had supported overall expenditure.
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(RBA) Quarterly Statement on Monetary Policy, November 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Nov 09 08 22:58 GMT
World financial markets have come under severe stress in the period since the last Statement. Strains in credit markets escalated in early September, and the period since then has been marked by further large declines in equity prices and exceptional volatility across a range of markets. In response to these developments, a number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time.
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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 5 November 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Nov 03 08 21:53 GMT
At its meeting today, the Board decided to reduce the cash rate by 75 basis points to 5.25 per cent, effective 5 November 2008. World financial markets have remained turbulent over the past month. Global equity prices have been volatile and fell further in net terms, and there have been significant exchange rate movements, including a sharp depreciation of the Australian dollar. A number of governments have announced measures to strengthen their financial systems, which should help to stabilise conditions over time.
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(RBA) Glenn Stevens - Australia, New Zealand and the International Economy Print E-mail
RBA | Written by Reserve Bank of Australia | Oct 21 08 02:09 GMT
In Les Carlyon's Gallipoli, a conversation is recounted in which a Turkish soldier is said to have asked some New Zealand prisoners why it was that they had come so far, voluntarily, to fight a war in Europe. They apparently replied that they had expected it to be rather like playing a game of rugby. It is not recorded how Australians answered the same question (perhaps they could not decide which code of football was most apt). But they certainly also went in a spirit of optimism.
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(RBA) Reserve Bank of Australia Minutes of the Monetary Policy Meeting of the Board, 7 October 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Oct 21 08 02:04 GMT
The Board received a comprehensive briefing on financial market developments during the past month, which had been one of the most turbulent periods in recent decades. Financial markets had been characterised by a high degree of pessimism, with the effective failure of several large financial institutions and the nationalisation or take-over of other financial institutions in the United States and Europe. These developments had seen the demise of the US investment banking model and changes to the financial landscape in several countries. There had been a virtual complete closure of wholesale capital markets in the United States and Europe, beyond only the very short term. In Australia, such markets had performed better than their overseas peers, but they were nevertheless severely strained.
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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 7 October 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Oct 06 08 22:47 GMT
At its meeting today, the Board decided to lower the cash rate by 100 basis points to 6.0 per cent, effective 8 October 2008. Conditions in international financial markets took a significant turn for the worse in September. Large-scale financial failures in several major countries were accompanied by serious dislocation in interbank markets and heightened instability in other markets, including sharp falls in share prices. Official actions in a number of countries have been aimed at restoring stability, by adding to short-term liquidity and laying a foundation for longer-term recovery in the health of balance sheets. Nonetheless, financing is likely to be difficult around the world for some time ahead. This is also affecting Australia, albeit by less than in many other countries, given the relative strength of the local banking system.
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(RBA) Monetary Policy Statement by Glenn Stevens, Governor - 2 September 2008 Print E-mail
RBA | Written by Reserve Bank of Australia | Sep 01 08 23:49 GMT
At its meeting today the Board decided to lower the cash rate by 25 basis points to 7.0 per cent, effective 3 September. Inflation in Australia has been high over the past year in an environment of limited spare capacity and earlier strong growth in demand. In these circumstances, the Board has been seeking to restrain demand in order to reduce inflation over time.
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