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The International Monetary Fund (IMF) says the RBA could use monetary policy further to support Australia’s economic growth.
Just one day after the RBA decided to leave the cash rate on hold at 3 per cent a IMF report on the outlook for the Asia-Pacific suggested the central bank use its remaining monetary policy ammo to cushion Australia from recession.
“Australia’s finance conditions have further scope for improvement, given the considerable monetary policy space,” the IMF said.
Australia’s cash rate currently sits higher than most developed economies; the United States’ cash rate is sitting at 0-0.25 per cent, Great Britain’s at 0.50 per cent while even New Zealand’s cash rate is lower at 2.5 per cent.
The RBA has indicated however that it would prefer to wait and observe just how current policy measures filter through the economy.
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