Australia’S Relevant Financial Institution Sees Greater ‘Positives’ In Domestic, International Economy

Australia’s central bank has turned more upbeat on the economic outlook, citing an improving labour market, stronger public investment and a pick up in household consumption.
“Members noted that the strength of recent labour market data had removed some of the downside risk in the bank’s forecast of wage growth.
“Members noted that infrastructure investment was expected to have significant positive spillovers to other parts of the economy,” the minutes showed.
One new development was an upturn in fiscal spending which was now expected to be stronger in 2017/18 than previously expected, mainly thanks to public infrastructure.
Yet minutes of the Reserve Bank of Australia’s (RBA) July meeting showed policy makers remained watchful on risks to jobs and housing, suggesting they were in no hurry to lift interestrates anytime soon.

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