Australia's central bank is ready to cut interest rates again 'if need...
SYDNEY, - Australia’s central bank is ready to cut interest rates again “if needed” to support employment, wages growth and inflation, having already eased to a record low of 1% earlier this month.
“Lower interest rates would provide more Australians with jobs and assist with achieving more assured progress toward the inflation target,” the minutes showed. Financial markets have already priced in a real chance of another rate cut to 0.75% by year-end. Economists polled by Reuters prior to the July 2 meeting predicted a third cut in November. [AU/INT]
The Board noted that public sector investment in welfare schemes and infrastructure had helped boost first-quarter growth, a nudge to the newly re-elected government of Prime Minister Scott Morrison to do more. “Members noted that the adjustment in the retail sector had been protracted and had put downward pressure on inflation for some years,” the minutes noted.
The Board judged lower rates would support the economy by keeping the value of the Australian dollar lower than it would otherwise be, while also reducing borrowing costs for households and businesses.
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