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RBA minutes: Little change for near term policy path - ANZ

FXStreet (Bali) - The minutes from the RBA’s October meeting released this morning suggested little change for the near term path for monetary policy, notes Felicity Emmett, Co-Head of Australian Economics at ANZ.

Key Quotes

"While there are clearly concerns over growth prospects in China and East Asia, on the domestic front the tone was quintessentially ‘glass half full’."

"The October board meeting pre-dated last week’s move by Westpac to increase mortgage rates by 20bps, although the announcement would not have come as too much of a surprise to the RBA."

"Governor Stevens noted in July that higher mortgage rates were to be expected given the increased capital requirements for major banks."

"We continue to expect the RBA to wait until next year to cut rates, when the stimulus from housing and the lower AUD are likely to fade."

"However, if other major banks follow Westpac’s lead in coming weeks, a late 2016 rate cut cannot be ruled out."

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