The economy has managed to overcome the period of weakening and now it can turn in the direction of growth. To a certain extent, this will depend on the dynamics of household expenditures. They’ve recently been reimbursed their taxes. This means that Australian household incomes have increased. Half of the tax refund received is expected to be spent soon.The Australian Reserve Bank is taking steps to achieve full employment in the country, as well as approaching the inflation target. This summer, the interest rate was reduced twice. Philip Lowe said that the course of monetary policy easing may be continued if necessary.
Address by Philip Lowe, Head of RBA (24.09.2019)
