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VIEW: Westpac On Today's RBA Decision

  • The RBA is expected to keep policy settings unchanged at its September meeting. The Bank is providing support to the economy through a range of stimulus policies and will continue to do so for the foreseeable future. The key elements have been: 1) lowering the cash rate to 0.25%; 2) targeting the 3 year government bond rate at 0.25%; 3) market operations, as needed, to provide ample liquidity to the banking system; 4) a Term Funding Facility for the banking system providing 3 year funding at 0.25%; and 5) Setting the rate paid on Exchange Settlement balances at the RBA at 10bps.
  • Persistently poor economic outcomes - growth well below trend, high unemployment, and inflation below the bank's 2-3% target - mean the RBA will need to maintain these policies for an extended period and may come under pressure to do more in the future. For now though the bank is of the view that monetary policy is doing "what it can".
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |
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