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RBA Shows Investment Confidence, Doubts on Consumer as Rate Held
Tuesday, 7 November 2017 11:12 WIB | FISCAL & MONETARY | AustraliaRBA

Australia central bank showed increasing confidence in the investment picture outside mining while retaining concerns about the prospects for household spending as it kept interest rates at a record-low 1.5 percent.

 œThe bank™s forecasts for growth in the Australian economy are largely unchanged, Governor Philip Lowe said in a statement Tuesday. œThe outlook for non-mining business investment has improved, with the forward-looking indicators being more positive than they have been for some time.

œOne continuing source of uncertainty is the outlook for household consumption. Household incomes are growing slowly and debt levels are high.

œWage growth remains low. This is likely to continue for a while yet, although the stronger conditions in the labor market should see some lift in wage growth over time.

œIn underlying terms, inflation is likely to remain low for some time, reflecting the slow growth in labour costs and increased competitive pressures, especially in retailing.

Australian dollar buys 76.90 U.S. cents at 2:56 p.m. in Sydney compared with 76.81 before the decision.

Source : Bloomberg

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