The minutes of the Reserve Bank of Australia’s monetary policy meeting in May 2020 are published on Tuesday, May 19, 2020 at 01:30 GMT
At this meeting
- the cash rate remained unchanged at 0.25%.
- The RBA reaffirmed that the rate will not be increased “until progress is made towards full employment and (the RBA’s board of directors) is confident that inflation will remain in the target range for a long time 2 to 3% “.
On the Friday following the meeting, the quarterly SoMP provided updated forecasts – indicating little chance of approaching the target anytime soon.
Also worth noting tomorrow is the data released by the Australian Bureau of Statistics – data on weekly jobs to watch:
- Weekly payroll jobs and wages in Australia, week ending May 2, 2020
- Weekly experimental estimates of the impact of the coronavirus (COVID-19) on jobs and employee wages, based on single payroll data (data from the tax office)
Last week, we had the terrible monthly job market update with almost 600,000 jobs lost. Tomorrow the data will be an update.
ABS to follow-up Wednesday with preliminary retail sales data for April –
- preliminary aggregate monthly estimates of retail sales in Australia.