A summary would be:
- Since the last Statement, the case for easing interest rates has eased
- the economy has been growing well and will continue to grow, albeit at a reduced pace
- there remains concerns over the strength of the international economy
- the RBA is also increasingly concerned about the rapid growth of credit, particularly for lending on property - "this is not untypical of a prolonged bull market, and could cause a good deal of distress to the economy when the housing price cycle turns"
A precis of the statement (plus the full statement) can be found at:
http://www.rba.gov.au/PublicationsA...onetaryPolicy/statement_on_monetary_0803.html
MB
- Since the last Statement, the case for easing interest rates has eased
- the economy has been growing well and will continue to grow, albeit at a reduced pace
- there remains concerns over the strength of the international economy
- the RBA is also increasingly concerned about the rapid growth of credit, particularly for lending on property - "this is not untypical of a prolonged bull market, and could cause a good deal of distress to the economy when the housing price cycle turns"
A precis of the statement (plus the full statement) can be found at:
http://www.rba.gov.au/PublicationsA...onetaryPolicy/statement_on_monetary_0803.html
MB