SYDNEY, August 9 - - Australia’s central bank has trimmed forecasts for near-term growth and doubts inflation will reach target until mid-2021 even if it cuts rates twice more as the market expects, underling how tough it will be to revive the economy using monetary policy alone.
As a result, the bank’s Board stood ready to ease policy again “if needed” following cuts in both June and July that took interest rates to an historic low of 1%. The futures market is almost fully priced for a quarter-point cut in October and for another by February. The RBA’s revised forecasts also assumed underlying would not reach the floor of its 2-3% target band until mid-2021, a year later than previously expected.
This is a major reason Lowe has emphasised that monetary policy alone could not achieve its goals and urged the government to act on the fiscal front, a call he repeated in testimony to lawmakers on Friday.
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The RBA needs to go have a pint in Martin Place.
Metalss