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Weekly Economic Commentary

Weekly Economic Commentary

Categories: General, General

The Reserve Bank’s September Board meeting this Tuesday is likely to be something of a non-event, apart from the morning tea acknowledging retiring governor Glenn Stevens, which should be pretty fancy given his 30+ years with the RBA.

Unless the economy was clearly deteriorating dramatically, the two cuts to the official cash rate over the past four months would suggest the RBA is likely to enter an “assessment” or “wait and see” mode to gauge the impact of the previous two easings on the economy.

Also, over the weekend, the latest Australian auctions data produced new year-to-date high clearance rates in both Sydney and Melbourne (Sydney 83.9%, up from 78.5% the prior week and Melbourne clearing 79.3%, up from 77.4%). This will also be closely watched by the RBA for signs that the housing market is taking off again.

Source: Rural Bank


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