Australia
Second half of global FX code to be circulated in October – Debelle
“Significant progress” has been made drafting the second phase, says RBA assistant governor; market participants will be able to comment on draft proposals and provide feedback
Low inflation and tighter credit gave room for cut, RBA minutes show
Inflation looks likely to remain low for some time, board members note, while tighter lending standards make adverse effects of a cut less likely
Reserve Bank of Australia governor backs 2–3% target in final address
Reserve Bank of Australia governor supports inflation-targeting regime in last public address; moving the target could open the door to further changes down the line, warns Stevens
RBA cuts as housing risks posed by lower rates ‘diminish’
Reserve Bank of Australia cuts by a further 25bp to 1.5%, after annual CPI inflation drops to 1% in June; growth in lending for housing has "slowed a little"
Australian fixed-income markets continue to function ‘satisfactorily’, says Debelle
Regulatory change contributing to satisfactory performance, assistant governor notes; large share of activity in derivatives helping bond market to be successful
RBA’s Kent considers risks around Chinese debt
Australian assistant governor says high debt increases China’s vulnerability to shocks, but because much of it is domestic, and funded by household sector, authorities have some leeway
RBA's Edey signals end to lengthy card review process
Assistant governor lays out issues review will address when it is published next week, following two-year process
Aussie dollar drops as RBA cuts inflation outlook
Reserve Bank of Australia cuts forecasts for headline and underlying inflation; lowered its key rate by 25bp to 1.75% earlier this week
Philip Lowe picked as next RBA governor
Deputy governor Lowe will succeed Glenn Stevens, who says there is “no-one better qualified” to lead the Reserve Bank of Australia
RBA cuts to 1.75% as data disappoints
Glenn Stevens points to “unexpectedly low” inflation data as the Reserve Bank of Australia cuts its key rate by 25bp; Australian dollar slides following decision
Research digs into disagreement about inflation expectations
Paper published by Reserve Bank of Australia examines how the disagreement within stakeholder groups about inflation expectations has evolved
Prudential measures may create risks for developers – RBA
Tighter regulations designed to tackle housing risks may cause problems for large building projects started before the tougher rules came in
RBA establishes new macro modelling division
External review recommends new approach to “full-system” models at heart of policy analysis, warning modelling expertise is limited at the central bank
Australian inflation likely to remain low for next two years, governor says
"Accommodative" monetary policy appropriate as GDP picks up, Glenn Steven says
Guy Debelle reviews forex code progress ahead of first-phase release in May
Global code to be implemented as principles rather than rules; regulators may implement with element of variation depending on market participants, Debelle notes
RBA’s Lowe says productivity still a problem
Australia has proven resilient through an uncomfortable rebalancing phase, but the economy is still plagued by disappointing productivity growth, deputy governor says
Australian central bank adds S Korean won to reserve portfolio
Australian central bank slashes euro holdings by 20% as diversification into alternative currencies continues
RBA’s Richards sees possibility for digital Australian dollar
New card regulation to be ready by May, says Richards; digital currency a possibility in the ‘more distant future’, but RBA not ‘actively considering’ it
RBA board agrees China has ‘scope to respond’ if outlook worsens
Minutes from February meeting reveal board is wary a ‘sharp slowing’ in economic activity could spill over to other economies in region, though Chinese authorities could respond
Australian governor Stevens stresses policy ‘flexibility’
Governor says Reserve Bank of Australia has scope to ease monetary policy if need be, though economy expected to continue expanding
RBA flags scope for easing despite inflation rebound
Central bank emphasises need to battle below-target inflation despite recent uptick; holds key interest rate but says future cuts may still be an option
Future Fund shifts from equities to cash and achieves above-target return in 2015
Australia’s sovereign wealth fund, the Future Fund, shifted from equities to cash to reduce its risk exposure, senior management say; yearly returns were above target
Sovereign investor of the year: Future Fund
Australia’s sovereign wealth fund took the restrained decision not to increase its risks to chase returns in 2015. Instead it focussed on improving its operational framework
Debelle highlights ‘rich potential’ in regulatory data
Regulatory reporting is still in its infancy, but already useful trends are starting to emerge, the RBA assistant governor says