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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines of what’s happening when it comes to the world of superannuation, property, investing and wealth creation.

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Steve Waters, director of Right Property Group, talks about affordability, inflation and his expectations for property in 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers the interesting topic of buy now, pay later and what its introduction to the hospitality industry could mean for consumers. She also relays her thoughts on CBA’s entry into crypto and how other banks may react.

Finally, tax and super guru Timothy Munro tackles the likely return of a popular tax-saving measure in 2022. He also delves into super’s stellar performance and why Aussies aren’t leaving failing MySuper products.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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What the central bank thinks of the Australian economy

By Grace Ormsby

July 17 2019
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Borrow

What the central bank thinks of the Australian economy

By Grace Ormsby
July 17 2019

The Reserve Bank of Australia has outlined its decision-making process that led to the organisation’s decrease of the cash rate to a historical low.

What the central bank thinks of the Australian economy

By Grace Ormsby

July 17 2019
Share

The Reserve Bank of Australia has outlined its decision-making process that led to the organisation’s decrease of the cash rate to a historical low.

The insight comes after the official cash rate dropped for two consecutive months to just 1.00 per cent at the beginning of July.

In the minutes of the monetary policy meeting of the Reserve Bank board, it was flagged that the global economy outlook remains “reasonable”, despite risks from international trade and technology disputes.

It was also flagged that despite tight labour markets and rising wages growth, inflation has remained low in advanced economies.

Members reportedly discussed the recent data on output and the labour market, noting GDP growth as well below trend over the year to the March quarter.

Despite strong growth in employment, it was noted by members that there has been little growth in household disposable income, which has contributed to low consumption growth.

It was also observed that employment growth continues to outpace growth in the working-age population. However, “most of the strength in labour demand over preceding months had been met by an increase in participation, which had risen to a record high level, rather than a decline in the unemployment rate”.

There appears to be optimism around a return of GDP growth in coming years, with members discussing accommodative monetary policy, strong public demand, a renewed expansion in the resources sector and exports growth.

Declining house prices was a key contributor to low growth in consumption, although there are signs of life in the property market as Sydney and Melbourne stabilise. Members noted that mortgage rates were at record lows and that there was strong competition for borrowers of higher credit quality.

In order to increase inflation, the members noted that it would require wage growth. It was noted that Australia could maintain a lower rate of unemployment, while achieving inflation consistent with the target. In light of this, the recent run of data and the lower level of interest rates resulting from the previous meeting, the case for a further reduction in the cash rate was considered.

Members noted that in the current environment, the main channels through which lower interest rates would support the economy were a lower value of the exchange rate than otherwise would be the case and lower required interest payments on borrowing, which would free up cash for other expenditure by households and businesses.

It was decided that a further reduction in interest rates would support the necessary growth in employment and incomes and promote stronger overall economic decisions, which would in turn support a gradual increase in the underlying inflation.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.