ACCI Economic Brief - RBA Board Meeting (December 2011)
Australian Chamber of Commerce & Industry (ACCI)
ACCI Economic Brief
The Reserve Bank cut the cash rate 25bps to 4.25 per cent at its December Board meeting. A deteriorating outlook for European growth, arising from ongoing strains in sovereign debt markets, is the clear driver of the shift in policy. There is no forward looking policy guidance in the accompanying statement, though markets are convinced more cuts will follow. Recent RBA decisions highlight the importance of global growth to monetary policy, Europe will remain the focal point of their attention.
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