SYDNEY - Australia’s central bank considered the spare capacity in the country’s labor market and the recent upswing in housing when it decided to leave the cash rate at a record low of 1% this month.
The RBA left interest rates at all-time lows earlier this month after easing by a quarter point in both June and July. The RBA also provided forward guidance, with the minutes noting that “it was reasonable” to expect an extended period of low interest rates in Australia to meet employment and inflation goals.
On the other hand, Australia’s housing market was showing signs of a turnaround with both mortgage approvals and auction clearance rates climbing.
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