The Reserve Bank of Australia (RBA) left the cash rate unchanged at 4.75% at its meeting on 3 May, in a decision that was widely expected by market analysts. The decision marked the fifth consecutive meeting that monetary authorities maintained existing rates. In the accompanying statement, monetary authorities provided an upbeat assessment of the Australian economy. The RBA acknowledged that natural disasters at the beginning of this year have slowed activity, particularly in key sectors like mining. However, the Bank is confident that activity will recover going forward as rebuilding efforts get under way and sees economic growth to be at trend or higher over the medium term. The RBA expects that CPI inflation will be close to target over the year ahead, as prices pressures in the agricultural sector - in the wake of the Yasi cyclone will ease going forward. Therefore, the RBA maintains that the current monetary policy stance is appropriate in view of the general macroeconomic outlook.
Australia Monetary Policy
RBA leaves rates on hold for fifth consecutive meeting
May 3, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.