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ACGB Apr-27 Supply Goes Well

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RBA: VIEWS: Bank desk views on the RBA's Sep Meeting Minutes:
- Goldman Sachs: The RBA's September Board Minutes remained generally positive,
with few major changes to the outlook. The RBA continued to note above-trend
growth and a falling unemployment rate, as well as a gradual improvement in
wages growth. The RBA also appears broadly comfortable with the developments in
the housing market despite recent mortgage rate increases by some banks. We
continue to expect the RBA to remain on hold until late 2019.
- Westpac: The overall tone of these minutes is somewhat more confident for the
Australian economy than we saw in August. In particular, the Bank is keen to
emphasise its forecast that GDP growth will remain comfortably above potential
over its entire forecast period (out to 2020). It still sees risks around low
wages growth and acknowledges recent adverse developments in the global economy.
Westpac is more cautious around the implications of falling house prices.
Accordingly, lowering rates to deal with low inflation does not appear to be a
likely policy either. We continue to expect that the Reserve Bank will keep the
overnight cash rate on hold through to at least the end of 2020.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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