The Reserve Bank of Australia October meeting minutes after from a previous version is here: Reserve Bank of Australia’s October minutes — comments on the AUD and moreWestpac Chief Economist Evans (in brief):
- Commentary around the domestic economy has been generally upbeat
- On the other hand, the weakness of price pressures continue across the economy and retail electricity prices are expected to increase significantly in the September quarter.
- We have always maintained that the political process of the next year will be dependent on the strength of the national economy and not to be dictated by a general upward trend in interest rates. It is interesting to note that the Board of directors has chosen to focus this strategy in its minutes.
- While the RBA does not release detailed forecasts behind his general point of view that growth will be markedly above the trend of the next year, we can discern from the rhetoric that the Board of directors, to this day, a more optimistic view of the prospects for incomes, consumer spending; job growth; wage growth and the cycle of construction of our own point of view.
- We have been encouraged by these few minutes of be expected that, if the economy evolves the way we hope, the Commission sees no need to raise rates in 2018.