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The Reserve Bank of Australia felt the Australian economy and the global economy were improving, but the recovery was not sufficiently entrenched to begin raising interest rates.
Minutes of the RBA's September 1 policy meeting were released Tuesday in Sydney.
At that meeting, the board and Governor Glenn Stevens left interest rates unchanged at 3.00 percent.
"Members noted that the policy decision in the near term involved b alancing the risk of over-staying an accomodative stance, and that of prematurely tightening and adversely affecting confidence and demand," the minutes said. "The information at this meeting suggested that economic conditions were indeed evolving broadly in that way."
Board members noted that the global economy was improving, but that "an important question" remained as to whether the improvement would be sustained or whether it was a temporary effect of fiscal and monetary stimulus from central banks and governments.
"Members concluded on balance that the global economy was most likely on a sustained, if modest, recovery path, though it was still too soon to be confident of this assessment," the minutes said.
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