[新聞] 澳洲央行RBA決議降息一碼至4.25%！

[TZUYIC (Je T'aime Celine)]

Cash Rate: http://www.rba.gov.au/statistics/cash-rate.html

Effective Date  Change in cash rate   New cash rate target
                  Percentage points               Per cent
7 Dec 2011                    -0.25                   4.25

-

Ref. http://www.rba.gov.au/media-releases/2011/mr-11-28.html

Media Release

Number   2011-28
Date     6 December 2011
Embargo  For Immediate Release

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate to 4.25 per
cent, effective 7 December 2011.

Growth in the global economy has moderated this year after a strong
performance in 2010. Some of the slowing reflected temporary factors, and as
these passed, the pace of expansion in the United States and much of Asia
began to pick up around mid year. China's growth has been slowing, as
policymakers there had intended. Trade in Asia is now, however, seeing some
effects of a significant slowing in economic activity in Europe.

The sovereign credit and banking problems in Europe, to which European
governments are still seeking to craft a full response, are likely to weigh
on economic activity there over the period ahead. Financial markets have
experienced considerable turbulence, and financing conditions have become
much more difficult, especially in Europe. This, together with precautionary
behaviour by firms and households, means that the likelihood of a further
material slowing in global growth has increased. Commodity prices have
reflected this, declining further over recent months and taking pressure off
CPI inflation rates. This has increased the scope for some easing in monetary
policy in a number of countries.

Information about the Australian economy suggests output growth has been
close to trend, with demand growth stronger than that. The terms of trade
have now peaked and will decline somewhat in the near term, but they remain
very high. In response, investment in the resources sector is picking up very
strongly, with much more to come. Some related service sectors are enjoying
better-than-average conditions. In other sectors, changed behaviour by
households and the high exchange rate have had a noticeable dampening effect.
The unemployment rate has increased a little since mid year, though it
remains close to 5 per cent.

CPI inflation on a year-ended basis remained above the target at the latest
reading, due to the effects of weather events last summer, but is now
starting to decline as production of key crops recovers. Moreover, with
labour market conditions now softer, the likelihood of a significant
acceleration in labour costs outside the resources and related sectors in the
near term has lessened. Accordingly, the Bank's current judgement is that
inflation is likely to be consistent with the 2–3 per cent target in 2012
and 2013, abstracting from the impact of the carbon pricing scheme.

The reduction in the cash rate as a result of the Board's previous decision
flowed through to lending rates, which are now around their average level of
the past 15 years. Short-term market interest rates have tended to decline a
little further in recent weeks, though term funding conditions for financial
institutions have become more difficult. Credit growth remains subdued and
asset prices have declined further over recent months. The exchange rate has
been quite variable over the past few months, but remains at an historically
high level.

Overall, the Board concluded, on the basis of all the available information,
that the inflation outlook afforded scope for a modest reduction in the cash
rate. The Board will continue to set policy as needed to foster sustainable
growth and low inflation over time.

Enquiries:

Dr Philip Lowe
Assistant Governor (Economic)
Reserve Bank of Australia
SYDNEY
Phone: [phone]

Dr Guy Debelle
Assistant Governor (Financial Markets)
Reserve Bank of Australia
SYDNEY
Phone: [phone]

Media Office
Information Department
Reserve Bank of Australia
SYDNEY
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]

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