Minutes of the Monetary Policy Meeting of the Reserve Bank Board Sydney - 2 December 2014

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Considerations for Monetary Policy

Members noted that the current accommodative setting of monetary policy was expected to support demand and help growth strengthen at the same time as delivering inflation outcomes consistent with the target over the next two years. Despite the depreciation of the exchange rate, the Australian dollar remained above most estimates of its fundamental value, particularly given the significant declines in key commodity prices over recent months. Members agreed that further exchange rate depreciation was likely to be needed to achieve balanced growth in the economy. They noted that market expectations implied some chance of an easing of policy during 2015 and discussed the factors that might be producing such an expectation.

The Board decided to leave the cash rate unchanged at 2.5 per cent.


Source: /monetary-policy/rba-board-minutes/2014/