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The RBA’s one per cent December cut was driven by the need to shift monetary policy from neutral to expansionary, minutes released yesterday by the central bank have revealed.
Members of the RBA monetary policy board observed that growth in the international economy had slowed significantly and that “although the Australian economy had been more resilient than other industrial economies, recent data indicated that a significant moderation in demand and activity had been occurring”.
The board judged that the two month break before February’s meeting was “one consideration in favour of a substantial reduction” with the size of the response to date warranting a ”period of assessment” over the summer.
The RBA will next meet in on February 3.
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