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Australia

RBA's Richards: housing shortfall welcome

The relative tightness of the Australian housing market is one factor that will support home-building in the period ahead, said Anthony Richards, the head of the economic analysis department at the country's central bank.

RBA's Lowe: payments providers must cooperate

There is a strong case to re-examine the balance that has been struck in the Australian payments system between competition and cooperation, said Philip Lowe, an assistant governor of country's central bank.

RBA explains February cut

Significantly lower forecast for domestic output growth than expected was behind the Reserve Bank of Australia's cut in the cash rate by 100 basis points to 3.25%, according to minutes of the February meeting.

"Leaning against the wind" to rise - Stevens

Glenn Stevens, the governor of the Reserve Bank of Australia, expects the view that monetary policy should "lean against the wind" when asset prices are rising will gain in followers in the aftermath of the current market turmoil.

Papua New Guinea's Kamit praises polymer

The benefits of polymer banknotes are their cost-effectiveness, durability and greater ability to withstand counterfeiting, said Wilson Kamit, the governor of the Papua New Guinea.

RBA justifies November cut

An attempt to reduce the risk of a sharp weakening of demand was behind the Reserve Bank of Australia's cut in the cash rate by 75 basis points to 5.25%, according to minutes of the November meeting.

Phillips curve is flattening

A new paper from the Reserve Bank of Australia finds that the Phillips curve, which measures the relationship between unemployment and inflation, has flattened in recent years.

Reserve Bank of Australia - Annual Report 2007

The sound position of local banks was a major source of strength for the Australian financial system during last year, said Glenn Stevens, the governor of the Reserve Bank of Australia, in the foreword the central bank's latest Annual Report.

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