Australia Keeps Rate Unchanged
06 Février 2018 - 3:33AM
RTTF2
Australia's central bank maintained its key interest rate at its
first meeting of the year and remained upbeat about growth
prospects despite slow household income growth.
The board of the Reserve Bank of Australia, governed by Philip
Lowe, maintained the cash rate at 1.50 percent, the bank said in a
statement on Tuesday. The bank had reduced the rate by 25-basis
points each in August and May last year.
Taking account of the available information, the RBA Board
judged that holding the stance of monetary policy unchanged at this
meeting would be consistent with sustainable growth in the economy
and achieving the inflation target over time.
The bank hinted that interest rates are unlikely to rise anytime
soon. The low level of interest rates is continuing to support the
Australian economy, RBA said.
Further progress in reducing unemployment and having inflation
return to target is expected, although this progress is likely to
be gradual, the bank observed.
Although the stronger economy is likely to lift wages, the bank
expects wages growth to remain low. "Notwithstanding the improving
labor market, wage growth remains low," the RBA said.
"This is likely to continue for a while yet," the bank
added.
The Bank's central forecast for the Australian economy is for
GDP growth to pick up, to average a bit above 3 percent over the
next couple of years. At the same time, CPI inflation is forecast
to be a bit above 2 percent in 2018.
The RBA pointed out the outlook for household consumption as one
continuing source of uncertainty. Household incomes are growing
slowly and debt levels are high.
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