Following are the highlights of the Reserve Bank of Australia's meeting minutes on October 3
- Aussie's rise is due to the decline of its US rival.
- The rise in the currency exchange rate has had negative repercussions on inflation and economic growth.
- The rate hike in other countries has not had an impact on the Australian interest rate path.
- Making any adjustments to current interest rates will be due to the local economy only.
- Members noted that the Bank may follow a more easing monetary policy than other developed economies.
- The current monetary policy is in line with inflation and economic growth.
- Members discussed the risks arising from rising household debt and its impact on the public budget.
- GDP growth accelerated during the second quarter of the year in line with expectations.
- Infrastructure spending has grown at a strong pace.
- The data point to a decline in price pressures during the second quarter of the year.
- The growth of employment rates has contributed significantly to household income and expenditure.
- Leading indicators showed continued employment growth until the end of 2017.
- The weakness is expected to continue to dominate wages for some time.
- House prices rose in both Sydney and Melbourne.
