Australia’s central bank said interest-rate reductions are affecting the nation’s economy, while retaining the option to loosen policy further to spur growth, minutes of the Oct. 1 meeting showed.
Australia’s central bank left its benchmark interest rate unchanged at a record low, saying earlier cuts are still filtering through the economy and already driving up asset prices.
Australia’s economy unexpectedly accelerated last quarter, providing a tailwind for the winner of this week’s election and sending the nation’s currency higher.
The Reserve Bank of Australia lowered its growth outlook as the economy transitions from mining investment, a process that may be aided by the currency falling further from its still “high level.”
Nippon Steel Corp. and JFE Holdings Inc., Japan’s largest steelmakers, restarted blast furnaces at their factories near Tokyo after a halt triggered by the nation’s strongest earthquake on record.
The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment.
Australia’s central bank faces a “finely balanced” decision on whether to increase borrowing costs for the sixth time in seven meetings, as Governor Glenn Stevens weighs a near doubling of inflation against concerns about European debt.
Australian business investment rose twice as fast as economists had forecast in the third quarter, with an expansion in offices, warehouses and factories offsetting a slump in equipment spending.
Australia’s central bank will decide tomorrow whether higher interest rates are needed to avert faster inflation amid signs that past increases are cooling the nation’s property market.
Australia’s central bank said it takes corruption allegations made against a banknote material making company it part owns “very seriously.”
"The message is entirely consistent with a neutral stance."
- Joshua Williamson on Sep 30, 2013