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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 Building Permits Climb 3.2% On Month In May
The total number of building permits issued in Australia was up a seasonally adjusted 3.2 percent on month in May, the Australian Bureau of Statistics said on Wednesday - coming in at 15,212.
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Australia Central Bank Unexpectedly Maintains Status Quo
The Reserve Bank of Australia adopted a wait-and-see approach on Tuesday, defying expectations for a quarter-point rate cut but confirmed that an easing cycle is coming. The policy board, governed by Michele Bullock, decided to hold the cash rate target at 3.85 percent. A majority of six members voted to hold the rate, while three members sought a change from 3.85 percent.
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Australia Manufacturing Sector Ebbs In June - S&P Global
The manufacturing sector in Australia continued to expand in June, albeit at a slower pace, the latest survey from S&P Global showed on Tuesday with a manufacturing PMI score of 50.6.
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Australia Inflation Eases In May
Australia's consumer price inflation softened more than expected in May, giving space for the central bank to lower its interest rate. The monthly Consumer Price Index indicator rose 2.1 percent year-on-year, following the 2.4 percent increase in April, the Australian Bureau of Statistics reported Wednesday. A similar lower rate was last seen in October 2024.
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Australia NAB Business Conditions Ease; Confidence Improves
Australian business conditions eased in May amid ongoing profitability pressures and soft demand, while business confidence improved from the last month, survey data from NAB showed on Tuesday. A monthly survey conducted by Westpac showed that consumer confidence rose moderately in June, underpinned by interest rate cut and softening inflation.
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Australia GDP Adds 0.2% On Quarter In Q1
Australia's gross domestic product expanded a seasonally adjusted 0.2 percent on quarter in the first quarter of 2025, the Australian Bureau of Statistics said on Wednesday.
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Australia Services PMI Ebbs In May - S&P Global
The services sector in Australia continued to expand in May, albeit it at a slower pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 50.6.
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Australia Manufacturing PMI Slows In May - S&P Global
The manufacturing sector in Australia continued to expand in May, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.0.
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