Australia
RBA's McGauchie: Rural sector improving
Speaking on Wednesday 12 November, Reserve Bank of Australia board member Don McGauchie, the rural voice on the nine-member RBA board, said that although much of Australia is still gripped by drought conditions, monetary policy is a broad instrument that…
RBA Statement on Monetary Policy, November 2003
The Reserve Bank of Australia released its November 2003 Statement on Monetary Policy on 10 November. The RBA said it expects inflation to fall in the short term as the higher $A flows through to import prices, but then sees it picking it up again to…
Australia's RBA upbeat on economy
The Reserve Bank of Australia said in its monetary policy statement 10 November "The economic situation has evolved rapidly over months, both in Australia and abroad." The report paved the way for further interest rate increases, AFP said, as housing…
Statement by RBA's MacFarlane on rate increase
In a statement following the Reserve Bank of Australia's decision to increase interest rates to 5 per cent on 5 November, RBA governor Ian MacFarlane said "the Board's view is that it is no longer prudent to continue with such an expansionary policy…
Australia's interest rates rise 0.25%
The Reserve Bank of Australia increased interest rates to 5 percent on Wednesday. It was the first time the RBA changed the official cash rate since June 2002, The Age said.
RBA interchange fees for credit cards lowered
The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.
IMF backs Australia's economy
Australia's economy has been praised by the International Monetary Fund (IMF), which predicted continued strong economic growth on the back of a sound fiscal and monetary strategy, NineMSN reported.
RBA's Edey on current issues for global economy
In the speech 'Current Issues for the Global Economy' given on 27 October Malcolm Edey of the Reserve Bank of Australia said recent developments entitle us to be more confident about forecasts of ongoing recovery than was the case a few months ago. Some…
MasterCard battles RBA over fees
MasterCard has begun legal action against the Reserve bank of Australia regarding the level of the company's interchange fees, reports the Australian Financial review. The RBA wants to bring MasterCard's interchange fee of 58 cents per $100 transaction…
Macfarlane on Asia's role in Australia's economy
In a speech on 'Asia's Role in Australia's Economic Future' given on 16 October I.J. Macfarlane of the Reserve Bank of Australia highlighted the vital role of Asia in our economic future. He said that in recent years, Australia had "lost sight" of Asia's…
Look to Asia, urges RBA chief
Reserve Bank of Australia governor Ian Macfarlane has said that itsi time to look again at Asia's place in the economic future of Australia, ABC News reports.. Delivering a lecture in Sydney, he said that now the dust of the Asian crisis had largely…
Documents show RBA basement holds huge wine cellar
Documents obtained under Freedom of Information laws show the Reserve Bank of Australia houses a $100,000 wine cellar in the basement of its Sydney headquarters alongside vaults guarding Australia's reserves. RBA secretary David Emmanuel defended the…
RBA credit card reforms: Visa/Mastercard to appeal
Visa and Mastercard said on Thursday 9 October that they would appeal against last month's Federal Court ruling which upheld credit card reforms by the Reserve Bank of Australia, according to a report by Dow Jones. Visa said that the RBA regulations give…
Australia's reserve bank holds rates steady again
The Reserve Bank of Australia held interest rates unchanged for the sixteenth month in a row on Wednesday 8 October, according to Pacific Business News. The rate remained at 4.75 per cent despite fears of a housing bubble.
Aus dollar up as RBA ponders rate rise
The Australian dollar rose sharply higher on speculation that the Reserve Bank of Australia would raise interest rates on Wednesday 8 October for the first time in 15 months, the Daily Telegraph reported. However traders dismissed the talk, saying the…
RBA Payments System Board Annual Report 2003
The Reserve Bank of Australia Payments System Board has published its Annual Report for 2003. The Board has used two main techniques to assess the efficiency of the Australian payments system, the Annual Report says. The first has been to look at the…
RBA, Council of Financial Regulators Annual Report
The 2002 Council of Financial Regulators' Annual Report was released by the Reserve Bank of Australia, 25 September. The powerful Council of Financial Regulators - made up of the Reserve Bank, the Australian Prudential Regulation Authority and the…
RBA bests Visa/Mastercard in court
The Reserve Bank of Australia has overturned a legal challenge to its regulation of credit card giants Visa and Mastercard in a landmark decision delivered in Sydney yesterday.
Ruling due on RBA credit card reforms
After a six-week hearing and nearly two and a half months of deliberations, Justice Brian Tamberlin is expected to hand down his decision on Friday afternoon on the legality of the Reserve Bank of Australia's credit card industry overhaul, reports The…
RBA's Stevens on Economic Conditions and Prospects
In a speech on 'Economic Conditions and Prospects' given on 17 September, Glenn Stevens of the Reserve Bank of Australia said thatthe world economy is still not entirely in the clear, but is better than it was, and a fair bit better than it might have…
RBA signals no more interest rate cuts
Reserve Bank of Australia deputy governor Glenn Stevens said on Wednesday 17 September "Although in early June a case to ease looked like it was building, it had not strengthened sufficiently by the time of the July meeting to warrant action", reports…
Reserve Bank of Australia - Annual Report 2003
The Reserve Bank of Australia has published its Annual Report for the year ended 2003. In the Governor's Foreword Ian Macfarlane said although there were no changes in monetary policy, the RBA's operations in financial markets were at least as active as…
Stevens on structural change and monetary policy
In the speech 'Structural Change and the Conduct of Monetary Policy' given on 30 August Glenn Stevens of the Reserve Bank of Australia said central banks have routinely to be on the look out for the sorts of changes which, while leaving ultimate…
RBA asset bubbles conference
The Reserve Bank of Australia 2003 conference, 'Asset Prices and Monetary Policy', was held at the H.C. Coombs Centre for Financial Studies, in Sydney on 18 and 19 August 2003. The conference focused on the implications of asset price booms for the…