Statement by Glenn Stevens, Govenor - 2 June, 2009

Thu, 04 Jun 2009 14:59:00 +1000

At its meeting today, the Board decided to leave the cash rate unchanged at 3.0 per cent.

Evidence has continued to emerge that the global economy is stabilising, after a sharp contraction during the December and March quarters. The considerable economic policy stimulus in train in most countries is helping to contain the downturn, and should support an eventual recovery. The turnaround is clearest in China and some other emerging countries. Recovery in the major countries is likely to take longer to begin and be slower when it does occur.

Prospects are being helped by better conditions in global financial markets. Confidence, while improving, nonetheless remains fragile and balance sheets are under pressure from the effects of economic weakness on asset quality. Credit remains tight. Continued progress in restoring balance sheets is essential for a durable recovery.

The Australian economy has been contracting. Capacity utilisation has fallen back to about average levels, and will decline further over the rest of the year. With demand for labour weakening, growth in labour costs is beginning to fall. These conditions are likely to see inflation continue to abate over the next two years.

The 2009 Federal Budget How Will It Affect You?

Thu, 14 May 2009 18:40:00 +1000

Click on Fedreal Budget Attachment Below.

Bongiorno

Statement by Glenn Stevens, Govenor - 2 June, 2009

The 2009 Federal Budget  How Will It Affect You?

The 2009 Federal Budget How Will It Affect You?