The Reserve Bank of Australia released minutes of its meeting held earlier this month. At that time, the RBA maintained its interest rate at 2.0 percent. The Board maintained that monetary policy should be accommodative. The RBA offered no forward guidance. The RBA had cut its policy interest rate in May. The Bank said that it would assess information on economic and financial conditions as it becomes available. In short the RBA would be data dependent in assessing the need to cut rates once again.
Regarding the Australian dollar, the Bank once again noted that it was offering less assistance than needed in rebalancing. the economy away from its dependency on mining. It noted that the value of the currency should continue to decline given the drop in commodity prices. A sustained and lower currency value was needed to have an impact on investment, especially non-mining investment. The Bank has an inflation target range of 2 percent to 3 percent and noted that inflationary pressures are well continued and will continue to remain so going forward.
The RBA issues minutes of its meetings with a two week lag.
Although the RBA's Reserve Bank Board issues a detailed statement at the conclusion of its monthly meetings, investors also look to the minutes for a more detailed description of current economic outlook both domestically and abroad along with the latest RBB policy thinking.
It is only recently that the RBA has released meeting minutes. At the conclusion of their December 2007 meeting, the RBA announced several changes to its communications policy. Previously, a statement was released only if a policy change was made. Now a statement is released at the conclusion of every meeting. Another change concerned the timing of the policy announcement. Rather than waiting until the next day, the announcement occurs immediately after the conclusion of the meeting. In addition, minutes are now released two weeks after the meeting.
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