RBA meeting minutes released this morning to provide a clearer picture of the direction of the coming period. The main points of the meeting were as follows:
- AUD has stabilized at recent lows.
- The Bank will take further stimulus measures if the situation so requires.
- Some members believe that the decision to cut interest rates at the November meeting was appropriate.
- But the majority decision to keep interest in the meeting.
- Some believe that the rate cut has negative repercussions on the economy.
- Reducing interest has a different effect than before.
- We will wait to see the sustainability of economic growth before taking any decision to raise rates.
- Agree to extend the low interest rate to reach the Bank's objectives.
- The Australian economy grew at a moderate pace in the third quarter.
- Uncertainty dominated household spending.
- Downside risks to the construction sector.
- Risks to global growth remain on the downside.
