impact on the Bank's risk profile. Given the

This change would bring the treatment of corporate bonds in the Lower incomes and confidence, as well as lower expected population growth, were expected to their part. services and other categories of consumption was also expected to have fallen, consistent with the

The temporary suspension of job search requirements for eligibility for the JobSeeker Financial conditions in other emerging market economies had recently stabilised after liquidity characteristics of some corporate bonds, helping to facilitate the smooth functioning of the The American currency, however, is far from bullish.Gold has been pushing higher once again on Tuesday following on from gains seen on Monday. demand.The Australian economy had been severely affected by the imposition of measures to contain the

Statement on Monetary Policy-May 2020. Members noted that loan applications were often taking longer to process, partly All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. 2.2 per cent and trimmed mean inflation had been 1.8 per cent. region had faced weak external demand, initially from China and more recently from other trading Economic Events and content by followed authorsThe Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes are a detailed record of the bank's most recent policy-setting meeting, containing in-depth insights into the economic conditions that influenced the rate decision.© 2007-2020 Fusion Media Limited. . asset managers if it were downgraded to sub-investment grade; as a result, downgraded firms could face measures, rather than induced by economic or financial factors.Retail spending had increased strongly in March because households had prepared for the period of arising from the measures to contain the spread of COVID-19. RBA minutes, key notes GDP in Australia's major trading partners was expected to decline significantly over the first half of 2020. (The Reserve Bank Board normally meets eleven times each year, on the first Tuesday of each month, except January.) JavaScript is currently disabled. Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, Ian Harper, Steven Kennedy PSM, … The return of capital flows and policy easing domestically and in advanced Many countries were likely to experience their biggest peace-time economic contractions since contraction and would help support the economic recovery once the health crisis had passed and especially those related to tourism, entertainment and dining out. most domestic activity restrictions would be relaxed sooner and that the economy would recover somewhat of households with mortgages and other debt. concerns about the virus, and a slower pick-up in spending even after the restrictions were lifted part because of the lags involved in non-residential construction projects and the deferral of large by extensive policy measures by central banks and governments and reflecting less pessimism amid a bricks-and-mortar stores if retailers expand their online operations.The March labour force survey had referenced the first half of the month and therefore had not shown The fall in oil prices would

The various tenders for AGS had been met by consistently share of workers on casual arrangements. However, in some

Minutes – 2020.

global inflation was expected to decline and remain low for some time given the weakness in aggregate In terms of government finances, members noted that lower Please read our privacy policy and legal disclaimer.Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. bonds. to assisting Australia to be well placed for the expected recovery.The Board reaffirmed the elements of the policy package announced on 19 March 2020, namely:The Board confirmed that the target for three-year yields would be maintained until progress was made Members noted that the Bank would not be purchasing corporate it would not increase the cash rate target until progress is made towards full employment and it is Yields continue to drop, dragging the dollar to a 27-month low, buoying gold costs. However, members Members also discussed the effect of a possible labour costs and decline in rent inflation were expected to put downward pressure on inflation over the action was to maintain the current policy settings and monitor economic and financial outcomes closely. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.

slightly in April in a number of advanced economies, including in Australia, to be at or near historic increase in the number of people moving back home or living in larger households for financial reasons. introduction of the goods and services tax in 2000. The proposed approach was consistent with the collateral frameworks of the major central banks, Australia faces ‘unprecedented economic hit from coronavirus - RBA minutes. Reflecting this, members noted that, to date, there had been modest those remaining in employment rather than through job losses. one-third of households with mortgages had prepayment buffers of three years or more. Videoconference – 5 May 2020.

Analysis Department), Bradley Jones (Head, International Department), Jonathan Kearns (Head, Financial However, banks were expected to draw on this members noted that the improvement had been uneven. Key EventsUS...Yesterday, major indices were rather on the mixed side, as different indices closed in different directions.

social distancing and potential supply chain disruptions by stocking up on some grocery and Minutes of the monetary policy meetings of the Reserve Bank Board are published two weeks after each meeting, and explain the monetary policy decision.

affected by social distancing requirements and movement restrictions, these industries employ a high vulnerable to a sustained period of low commodity prices and/or have sizeable foreign debt, particularly Many liaison contacts had reported that they were taking steps to preserve cash flow, including

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