Reserve Bank of Australia Governor Lowe on the economy and policy:
-
Possible some further tightening will be required to return inflation
to target - Remains to be
determined whether monetary policy has more work to do - Complex picture on
inflation, significant uncertainties regarding outlook - At the August
meeting, the board will have updated economic forecasts and new data - There has been a “significant and rapid” tightening of monetary policy
- Very conscious
monetary policy operates with lag, full effects yet to be felt - Economic growth to
be subdued over next couple of years, will take time for inflation to
return to target - Determined to return
inflation to target within reasonable timeframe
On the Review of the Bank and changes that’ll be implemented:
- RBA board to make
changes based on independent review - From 2024, the board
will meet eight times a year, rather than 11 times - Board meetings to
start on Monday, conclude at usual time on Tuesday - Post-meeting
statement announcing the decision will be issued by board, rather
than governor - RBA governor will
hold a media conference after each board meeting to explain decision - Quarterly statement
on monetary policy will be released at same time as policy decision - Current board
structure to remain as is - RBA board to decide
on some review recommendations at a later date
If you do want to listen live this is the link here.