This is a Summary of RBA Meeting Minutes That Traders Should Know - Kakiforex.com - Financial Market Media No. 1 in the World This is a Summary of RBA Meeting Minutes That Traders Should Know This is a Summary of RBA Meeting Minutes That Traders Should Know
InstaForex

June 15, 2021

This is a Summary of RBA Meeting Minutes That Traders Should Know

 The minutes report of the Reserve Bank of Australia (RBA) policy meeting showed the central bank was of the view that it was too early to consider halting the bond -buying program.


At a policy meeting earlier this month, the RBA decided to keep interest rates and the 3 -year bond yield target unchanged at 0.10%.


According to meeting minutes released at the start of today’s Asian session, the central bank is of the view that policy should remain accommodative to achieve full employment targets and it is necessary to support economic recovery.


The central bank is also of the view that the real inflation target is unlikely to be achieved until at least 2024 at the earliest.



As a result, annual wage growth needs to continue above 3% in order for inflation to reach the central bank's target and policymakers expect wage increases to be gradual over the next few years.


Meanwhile, the Australian economy is now seen to have shifted from recovery to expansion, supported by stronger household spending.


However, there is still uncertainty arising from the Covid-19 pandemic, so stimulus support by the central bank is still needed.


Following the publication of the meeting minutes report, the Aussie dollar weakened slightly after being impressed by the statement that it was still too much for the RBA to discuss bond purchases.