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Accommodative policy here to stay – ANZ

FXStreet (Barcelona) - Economists at ANZ highlight the key points of RBA Governor’s speech, and note that the Governor seemed less confident about the outlook and more confident about the need for ongoing accommodative policy.

Key Quotes

“Importantly, he went on to say, “that growth of credit to many borrowers remains moderate suggests that the overall price of credit is not too low”.”

“He suggested that the Bank remains quite comfortable about the outlook noting that “there are sufficient spare labour resources such that we could probably enjoy a couple of years of non-mining sector growth somewhat above its trend rate before we needed to worry too much about serious inflation pressure”.”

“Stevens hinted again at the limitations of monetary policy, noting the advantages of increased infrastructure spending, given that it would support demand and also enhance long run capacity.”

“While we think that the Bank continues to believe that there is little further that monetary policy can do to aid the transition away from mining investment, low rates look here to stay for some time.”

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