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Minutes of the Reserve Bank of Australia's March monetary policy board meeting
- Low inflation would provide scope for further easing if necessary
- Board members saw reasonable prospects for continued economic growth
- Appropriate to leave cash rate at an accommodative setting
- To watch labour market trends, impact of turbulence in financial markets
- Recent data suggested economy growing at moderate pace in Q1
- Low rates, past fall in Australian dollar helping rebalance economy to non-mining activity
- Conditions in housing market had eased, lending for investment had slowed
- Labour market had clearly improved, leading indicators consistent with jobs growth
- On the long-term outlook for China, noted urbanisation to aid growth in working-age population
- Low level of foreign currency debt differentiated China from past EM crises
- China's rising household incomes positive for Australian exports over long run
Full text is here: Minutes of the March 2016 Monetary Policy Meeting of the Reserve Bank Board
