The Reserve Bank of Australia meeting minutes in October confirmed that the decline of the Australian dollar helped on boosting economic growth during the past period. The most prominent points in the results of the meeting were as follows:
- The next step is likely to be to raise interest rates.
- There is no strong reason to raise interest rates in the near term.
- The results of bank tests may further tighten lending standards.
- It is important to measure credit conditions so that they continue to support the economy.
- Bank financing costs have increased at an accelerated pace, and mortgage rates remain low after recent increases
- House prices fell significantly in Sydney and Melbourne, after previous strong gains
- There is a marked decline in income growth.
- Data show strong GDP growth during the third quarter.
- The pace of economic growth may slow compared to the first half of the year.
- Employment rates rose strongly in August.
- The global economy may improve over the next two years.
- The imposition of US tariffs on China is a risk to economic aspirations.
