The RBA (Reserve Bank of Australia) September Meeting Minutes have become known and the central scenario is that the conditions for the rate hike will not be met until 2024.
Release
The Board undertook to maintain highly favorable monetary conditions.
The outbreak of the delta variant has delayed, but not derailed, the recovery.
The economy is expected to recover as vaccination rates increase and restrictions are relaxed.
The Board will continue to review the bond purchase program in light of economic conditions and the health situation.
There is a considerable uncertainty about the timing and pace of recovery, which will probably be slower than previously experienced.
The RBA’s bond purchase program is expanding faster relative to the stock of outstanding bonds than many other central banks.
Committee members continued to emphasize the importance of maintaining loan standards.
It is progress towards bank objectives is likely to take longer and less assured given the delta variant.
Members of the Reserve Bank of Australia acknowledged that the outbreak of the delta variant was delaying the recovery, adding to uncertainty about the future.
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