Nov meeting minutes "The Board agreed that a....>

RBA: Nov meeting minutes "The Board agreed that a case could be made to ease

monetary policy at this meeting, but that the most appropriate approach would be

to maintain the current stance of monetary policy and to make another full

assessment once more evidence of the effects of the earlier monetary easing had

become available. Global financial markets were signalling a decline in

pessimism, which, if sustained, could lead to better than expected outcomes for

the global economy. The significant easing of monetary policy in Australia since

the middle of the year was supporting employment and income growth and a gradual

return of inflation to the medium-term target range. The established housing

market was picking up, which would have positive spillovers for the broader

economy, although the size of these spillovers was uncertain. Further evidence

on spending by households was required before drawing a conclusion on the

effects of the tax cuts and low interest rates. Having already delivered a

substantial monetary stimulus in recent months, there was a case to wait and

assess the effects of this stimulus, especially given the long and variable

lags."