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RBA Minutes: Inflation Is Still Too High
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board acknowledged that consumer prices remain higher than desired, minutes from the central bank's April 4 monetary policy meeting revealed on Tuesday.
Still, the board decided to leave its cash rate target unchanged at 3.60 percent in order to assess the full impact of the cumulative 350 basis points increase since last May.
The members also observed that population growth - and possibly wage growth as well - could put pressure on the country's existing capital stock, especially its housing market.
That being said, the members reiterated their determination to return inflation to target.
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Australia GDP Growth Tops Expectations
Australia's economy logged a faster-than-expected growth in the fourth quarter underpinned by exports and government spending, data from the Australian Bureau of Statistics revealed on Wednesday. Gross domestic product climbed 0.6 percent sequentially in the December quarter, following a 0.3 percent rise in the September quarter. GDP was expected to grow 0.5 percent in the fourth quarter.
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1 day ago
RBA Cautious About Further Easing, Minutes Show
The Reserve Bank of Australia is cautious about lowering the benchmark interest rate further and the decision to cut the rate in February does not mean that the bank is committed to cut again at coming meetings. At the February meeting, the bank had reduced the interest rate for the first time since 2020. The rate was lowered by 25 basis points to 4.10 percent.
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2 days ago
Australia Private Sector Credit Rises 0.5% In January
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7 days ago
Australia Capex Slips 0.2% In Q4
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7 days ago
Australia Inflation Steady At 2.5%
Australia's consumer price inflation unexpectedly remained unchanged in January supporting the case for further monetary policy easing. The consumer price index registered a steady growth of 2.5 percent in January, data from the Australian Bureau of Statistics showed on Wednesday. Prices were expected to climb 2.6 percent.
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8 days ago
Australia Construction Work Climbs 0.5% In Q4
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9 days ago
Australia Jobless Rate Ticks Up To 4.1% In January
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15 days ago
Australia Wage Price Index Adds 0.7% In Q4
Australia's wage price index was up 0.7 percent on quarter in the fourth quarter of 2024, the Australian Bureau of Statistics said on Wednesday.
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16 days ago
