RBA Minutes On Tap For Tuesday

BLGCRTV

BLGCRTV

The Reserve Bank remains doubtful about the timing of a return to meaningful growth in wages and a boost to stagnant inflation.

Minutes from the Reserve Bank's Melbourne Cup day meeting revealed members are mindful that globalisation and technology mean low unemployment doesn't necessarily place upward pressure on inflation. At the meeting, the RBA made a decision to maintain its benchmark interest rate at a record low 1.50 percent.

"Members noted, however, that there was considerable uncertainty around when and how quickly wage pressures might emerge and about how much these would add to inflationary pressure", the RBA said in its meeting minutes.

"In particular.pressure on margins from strong competition and a faster-than-expected pick-up in productivity growth could delay the pass-through of tighter labour market conditions to inflationary pressure", the minutes showed.

"Taking into account the available information and the Bank's most recent set of forecasts, the Board judged that holding the stance of monetary policy unchanged would be consistent with sustainable growth in the economy and achieving the inflation target over time", the minutes said.

"They observed that competitive pressures had led food and other retailers to alter their business models in an effort to reduce their cost structures".

The bank's forecasts for growth in the Australian economy are largely unchanged.

"But, consistent with the global experience, it is hard to see a significant and sustained acceleration in wages growth or unit labour costs", she said.

Westpac continues to expect that rates will remain on hold over the course of 2018 and 2019.

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