Australia
Australia’s real-time payment system goes live to the public
System built by Swift will process payments in less than a minute and will utilise new PayID technology; Osko is first application launched on new platform
Wage growth refuses to budge, RBA’s Lowe says
Governor notes employment levels have improved and will continue to improve over the policy horizon, but wage growth continues to disappoint
Consultancy and advisory provider of the year (currency management): De La Rue
The UK-based company is helping central banks monitor the lifespan of banknotes in a bid to improve stock management and cost-effectiveness of currency operations
People: RBA appoints new assistant governor
Susan Woods takes position of assistant governor for corporate services; new executive board member at Norges Bank; Central Bank of Ireland appoints director of economics
RBA’s Lowe discusses potential electronic Aussie dollar
Financial stability risk and reforms holding back provision of digital currency at the moment, says RBA governor, but clearing and settlement could be future use case
People: Fiji appoints deputy; Commission proposes new SRB chair term
Esala Masitabua will become deputy governor in Fiji on January 1, 2018; European Commission proposes extending Elke König’s mandate as chair of the SRB; and more
Central bank demand boosting banknote sector – RBA’s Boulton
Asian security printers are showing faster growth as central banks turn to more sophisticated designs, says Lindsay Boulton
RBA cuts forecasts as inflation disappoints
The Reserve Bank of Australia expects to undershoot its inflation target for another year
RBA looking to handle uncertainty better, says Debelle
Reserve Bank of Australia to change way it presents forecasts in order to avoid false impression of precision
RBA needs representative for the poor – religious group
The proposed new board member would help the central bank understand the effect monetary policy has on the poor, says group
Australian first-home buyers have better finances, study finds
RBA research paper finds fewer people are transitioning from renting to owning houses, but those who do tend to be more financially stable
Bank swap rate reforms going well, Australian deputy governor says
Guy Debelle says BBSW rate will be strengthened by changes
Future Fund takes cautious stance despite strong returns
Australian sovereign wealth fund exceeds benchmark return but managers stress need for “discipline” amid reach for yield
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
RBA’s Kent warns mortgages are still risky, despite offsets
RBA assistant governor says use of offset accounts does not remove the need for tighter lending standards; new securitisation database sheds light on housing market
Australia risks shortage of economists, warns RBA’s Dwyer
Students are tending to choose business studies over economics, says the RBA’s head of information; central bank is trying to reverse the trend
Australia’s neutral rate of interest is around 3.5% – RBA minutes
RBA minutes show hawkish slant compared with policy statement released earlier this month; central bank estimates neutral rate has fallen 150 basis points
Book notes: Can We Avoid Another Financial Crisis?, by Steve Keen
Steve Keen challenges “mainstream” economic thinking in this concise book, hoping to shift the political debate on debt
RBA minutes point to dangers from debt
Growth in household debt exceeds growth in incomes, creating risks to consumption; board members say situation warrants “careful monitoring”
Wage growth remains a concern for Australia – Lowe
Governor warns low wage growth is hindering household consumption; there are some signs the labour market is recovering, with employment growth registering stronger in recent months
Authors struggle to cut ‘price puzzle’ from Australian data
Authors find various approaches to removing the puzzle from VAR models fail for Australian data, calling into question the usefulness of the models
Macro-pru can offer ‘breathing space’ for Australian housing
Apra’s actions “will not address pressures”, but will provide “breathing space” as they should lessen the amplification of house prices, says RBA’s Lowe
Price disparity in housing market a cause for concern, says RBA’s Lowe
Australian house prices rising ‘briskly’ in some sectors, says governor of the Reserve Bank of Australia
Volatile housing market puts RBA under pressure
Variations in housing growth and prices ramp up risk to financial stability, RBA minutes show; regulator to consider further measures “if needed”