RBA Saw Growth Momentum in July 3 Rate Pause: Minutes
This article is for subscribers only.
Australia’s central bank kept borrowing costs unchanged this month as domestic job growth and previous interest-rate reductions help the local economy weather global disruptions, minutes of its July 3 policy meeting showed.
“Consumption was being supported by a favorable labor market and recent liaison had a firmer tone,” according to minutes released today in Sydney explaining why the overnight cash-rate target was left at 3.5 percent. “With recent signs that the domestic economy had a little more momentum than had earlier been indicated, members saw no need for any further adjustment to the cash rate at this meeting.”