Australian interest rates

From the Q and A yesterday in following the speech by Assistant Governor Michele Bullock: “We are watching it because investors can be the first ones to get out if things turn down,” she said, warning that a rush for the doors could make a slump “much bigger than it would otherwise be”.

From Michele Bullock Assistant Governor (Financial System): Good morning and thank you to Bloomberg for the invitation to speak this morning.

From Gerard Minack exclusively for MB.

From the real estate Treasurer, Scott Morrison, at Bloomie yesterday: Some quotes: In Australia our prices may be high, particularly in Sydney and Melbourne, but they’re real.

Via the AFR: The federal Treasury has effectively confirmed it has been modelling reductions in the capital gains tax concession for investors, as the government continues to debate internally whether to adopt any change in the budget.

Hello, APRA, anyone at home?

With US yields breaking higher overnight let’s check on the “bondcano”.

Hello, APRA, anyone home?

From Goldman Sachs: Financial imbalances in the Australian economy—in particular, acceleration in prices and speculative activity in the property sector—have intensified, and the RBA’s new Governor has confirmed a shift in the Bank’s reaction function to be both more responsive to these imbalances and less sensitive to low inflation.

From Credit Suisse: Unchanged rates, balanced statement As widely expected, the RBA left the cash rate unchanged at 1.5%.

From Macquarie: Event  As expected, the RBA Board decided to leave rates unchanged at 1.50% following its March meeting (Link to Statement).

From Adam Creighton today: The Reserve Bank is paving the way for further limits on investor property lending as it grapples with surging house prices and ­rising debt at a time of sluggish wage growth.

From Bill Evans at Westpac: As universally expected, the Reserve Bank Board decided to keep the cash rate unchanged at 1.50%.

RBA decision for March: At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

Morgan Stanley takes a peak: We think regulators are increasingly likely to cut the 10% IPL speed limit given concerns on housing lending.

From the Shadow RBA today: Stronger than expected economic growth provides welcome news to the Australian people.

From Domain: Philip Lowe has some high-powered backing if he leaves interest rates on hold Tuesday as widely expected.

The Melbourne Institute monthly inflation gauge is out and crashed back to earth down -0.3% in February after several strong months.

I’m losing count of how many pundits are swinging to rate hikes.

Via Deutsche: From Q1-17, the ABS will add ‘attached dwellings’ (i.e. apartments and semis) to the measure of ‘new dwelling purchase’ in the CPI to better capture the trend towards higher-density living.

From APRA head Wayne Byers today in parliament: I will just start with a short statement of a few key issues currently on APRA’s plate.

From the AFR: CBA, the nation’s biggest mortgage lender, is raising rates for the second time in two weeks and reintroducing some fees.