The Reserve Bank of Australia published the minutes from its monetary policy meeting held earlier this month. At that time, the RBA left its interest rate at 2.0 percent. The RBA said that economic data would be a guide to determine if its current policy stance is appropriate. The information would include information both on economic and financial conditions.
The minutes said that the economy was adjusting to rebalancing helped by the lower value of the Australian dollar. It noted that accommodative monetary policy remained appropriate given forecasts. Inflation is expected to stay consistent with target for the forecast period. It noted that despite better labour market conditions, spare capacity remains. Economic activity general has been more positive over recent months. It said that it was thought that downside risks to Chinese growth had receded somewhat.
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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