[新聞] 澳洲央行RBA決議降息一碼至3.50%！

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Ref. http://www.rba.gov.au/media-releases/2012/mr-12-13.html

Media Release

Number  2012-13
Date 5  June 2012
Embargo For Immediate Release

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to lower the cash rate by 25 basis
points to 3.50 per cent, effective 6 June 2012.

Growth in the world economy picked up in the early months of 2012, having
slowed in the second half of 2011. But more recent indicators suggest further
weakening in Europe and some further moderation in growth in China.
Conditions in other parts of Asia have largely recovered from the effects of
last year's natural disasters, but the ongoing trend is unclear and could be
dampened by slower Chinese growth. The United States continues to grow at a
moderate pace. Commodity prices have declined lately, though they are mostly
still high. Australia's terms of trade similarly peaked about six months ago,
though they remain historically high.

Financial market sentiment has deteriorated over the past month. The Board
has noted previously that Europe would remain a potential source of adverse
shocks. Europe's economic and financial prospects have again been clouded by
weakening growth, heightened political uncertainty and concerns about fiscal
sustainability and the strength of some banks. Capital markets remain open to
corporations and well-rated banks, but spreads have increased. Long-term
interest rates faced by highly rated sovereigns, including Australia, have
fallen to exceptionally low levels. Share markets have declined.

In Australia, available indicators suggest modest growth continued in the
first part of 2012, with significant variation across sectors. Overall labour
market conditions firmed a little, notwithstanding job shedding in some
industries, and the rate of unemployment remains low. Nonetheless, both
households and businesses continue to exhibit a degree of precautionary
behaviour, which may continue in the near term.

There have been no new data for inflation since the previous meeting. Over
the coming one to two years, and abstracting from the effects of the carbon
price, inflation is expected to be in the 2–3 per cent range. In the near
term, it is likely to be in the lower part of that range, though maintaining
low inflation over the longer term will require growth in domestic costs to
slow as the effects of the earlier high exchange rate wane.

As a result of earlier changes to monetary policy, interest rates for
borrowers have declined to be a little below their medium-term averages.
Business credit has increased more strongly in recent months, though credit
growth remains modest overall. Housing prices had shown some signs of
stabilising around the turn of the year, but have recently declined again.
Generally, the housing market remains subdued. The exchange rate has declined
over recent weeks, reflecting lower commodity prices, heightened risk
aversion and expectations of lower interest rates.

At today's meeting, the Board judged that, with modest domestic growth and a
weaker and more uncertain international environment, the outlook for
inflation afforded scope for a more accommodative stance of monetary policy.

-

Enquiries:

Dr Christopher Kent
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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