There aren’t many details, sadly, but it appears the RBA shadow board is again against a rate cut today. From the AFR:
Some experts think it is too early to cut rates. The Australian National University’s so-called “shadow” Reserve Bank board urged the central bank to keep rates unchanged today. The group includes two former board members, Warwick McKibbin and Bob Gregory.
“The current Australian cash rate is one notch above the rate that was reached in the depth of the financial crisis, and I do not think the current risks for the . . . economy are anything close to those,” said shadow member Jeffrey Sheen, a professor of economics at Macquarie University.
Perhaps not, but neither are the fiscal settings anything like they were during the GFC, with government aiming for a surplus not pumping households full of free cash and an exhortation to spend in the national interest. Still, it is difficult to comment simply because there is not information.
