Reserve Bank of Australia Talking About Global Economy
Australian dollar has significantly declined as Reserve Bank of Australia once again stood pat and maintained the rate at 1.50%. Members discussed global economy. They said labor markets are sustained and that projections over the global economic growth were lifted. Headline inflation rates and oil priced dropped. Wage growth is poor. Growth of a Gross Domestic Product has mildly slowed down.
The Australian economy is projected to improve. Levels of mining investment should reduce. Business conditions are better now. Capacity utilisation has risen. Business investment has improved. Consumption growth is muted. Real wages growth is soft and household debt is growing. Property market faced challenges as well. Interest rates stay at low levels. Housing market is mixed. In some areas, prices have surged, when in some other regions, they have fallen.