First skim of the RBA statement reveals very....>

RBA: First skim of the RBA statement reveals very little to rock the boat, with

policy settings and forward guidance unch. ITs assessment re: the international

situation is a little more upbeat as it notes that "Leading indicators have

generally picked up recently, suggesting the worst of the global economic

contraction has now passed. Although it still cautions that "despite this, the

outlook remains uncertain and the recovery is expected to be bumpy and will

depend upon containment of the coronavirus."

- The Bank also notes the current economic hardships, while highlighting that

"conditions have, however, stabilised recently and the downturn has been less

severe than earlier expected. While total hours worked in Australia continued to

decline in May, the decline was considerably smaller than in April and less than

previously thought likely. There has also been a pick-up in retail spending in

response to the decline in infections and the easing of restrictions in most of

the country."

- Reiterates previous language surrounding the likely need for fiscal and

monetary stimulus for some time.