Green shoots are emerging in the domestic economy and recovery should be underway by the end of the year, according to the RBA.
Speaking at a Canadian-Australian Chamber of Commerce function yesterday RBA governor Glenn Stevens said there were positive signs of an economic recovery emerging.
“It is too soon to say this is the beginning yet, though developments over recent months are certainly consistent with the view that a recovery will get under way towards the end of the year,” he said.
“...There are good grounds to think that both countries [Australia and Canada] should be in a relatively good position and well placed to take part in a renewed international expansion,” he continued.
Mr Stevens’ comments coincided with the release of the RBA’s May monetary policy meeting minutes, which while not ruling out further interest rate cuts, indicated that the central bank will monitor existing policies and developments carefully before making any further moves.
“Taking into account the economic and market developments... the major easing in monetary policy that had already taken place and the substantial fiscal stimulus that was being implemented, members judged the best course for this meeting was to leave the cash rate unchanged. They would continue to monitor the strength and durability of the tentative signs of an improvement in the global and domestic economies.”
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