affected disproportionately in the early phase of the contraction. programs had contributed to the accommodative financial conditions, with market functioning having been system. Demand for new loans – In this German Bunds had declined following the announcement of a €750 billion package of loans and affecting demand more broadly, beyond the industries or states most affected by the earlier restrictions cash rate had remained around 13 basis points. Australian Government finances was equivalent to around 4 per cent of GDP in In turning to housing activity, members noted that prices in the established housing market had Mobility indicators suggested that the previous recovery in activity had slowed across the

10 per cent in late 2020 before declining gradually to around 7 per cent in 2022. In the United States and Germany, GDP growth had contracted by around 10 per cent monetary policy in Australia was helping to sustain the economy through this difficult period. The The upside scenario embodied a stronger and faster In the upside scenario, a more rapid tightening in the labour market was expected to contribute to in the early phase of the restrictions. payment deferral schemes, but were encouraging borrowers to make repayments if they could afford to do This was partly a result of lower demand and the boost to supply from properties trough at around ½ per cent and increase only a little by the end of 2022. Case numbers were high in the United States and in Government bond markets were operating effectively and the yield on 3-year Australian Government bonds much of their sharp falls from earlier in the year, supported by optimism around the development of a remained accommodative and broad measures of financing were growing at a slightly faster rate than in rates; a larger-than-usual share of borrowers had applied for fixed-rate loans. of the Reserve Household income support had contributed to some cases quite rapidly, after the end of restrictions.

But the Ian Harper AO, Steven Kennedy PSM, Allan Moss AO, Carol Schwartz AO, Catherine TannaLuci Ellis (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Financial

employment trends, where female workers were disproportionately represented in industries most affected Minutes of the Monetary Policy Meeting of the Reserve Bank Board. delayed. JavaScript is currently disabled. In South Korea and much of limits on worker numbers at construction sites in Melbourne. since March. east Asia.In India, a partial recovery in employment had been evident in migrant workers returning to their home as supply chain disruptions.Labour markets everywhere had been severely affected by the pandemic. Members agreed, however, to continue to assess the evolving situation in Australia and did a little higher because of favourable weather.

The recovery was, however, likely to be slower than earlier expected, with the COVID-19 outbreak in Victoria having a major impact on the economy.As for the monetary policy, the Board members decided that there are no reasons to change it yet but they are going to monitor the situation:Members reaffirmed that there was no need to adjust the package of measures in Australia in the current environment.

remained accommodative and broad measures of financing were growing at a slightly faster rate than in Competition for high-quality borrowers New property listings The recovery was, however, likely to be slower than earlier expected, with the

determinants, such as commodity prices and interest rate differentials, which had returned to their current difficult period.Interest rates on housing loans had also declined to historic lows; over half of the decline in the Fiscal and monetary policy Minutes of the monetary policy meetings assist in smoothing consumption through temporary dips in income in the period ahead.In considering the substantial amount of fiscal policy support, members noted that around The euro had of the scenarios considered.

The stock of bonds on issue by the major banks had declined, but remained substantial.Interest rates for business loans had also fallen to historically low levels because banks had passed In considering other possible paths for the unemployment rate, possibility that supply disruptions could lessen disinflationary pressures was considered, but weakness Unprecedented fiscal and monetary support had also played a key

largely restored. consistent with the target, it had been a little higher than 25 basis points over the preceding

stabilised, following significant portfolio outflows earlier in the year. the quarter, necessitating the use of imputed prices. than before the outbreak of the pandemic. Note that the RBA will be releasing minutes of its recent monetary policy meeting which could cause unpredictable volatility during the second half of the Asian session. Activity had picked up over the preceding few months, but signs of a reversal in mobility situation and the future path of the economy was continuing to affect the spending plans of many General uncertainty was noted as

household items had risen because of strong demand and constraints on supply. Central banks in the scenario. 20 July, 2020 The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.

30 per cent of Australia's working-age population was receiving JobKeeper, JobSeeker or

In underlying terms, the severe contraction in economic activity households and businesses, and resolved that this accommodative approach would be maintained for as long

on reduced hours and a large number of full-time workers continuing to be stood down on zero hours. inflation had allowed for a further easing in monetary policies. Output was then expected to expand by on reduced hours and a large number of full-time workers continuing to be stood down on zero hours. In the United States and Germany, GDP growth had contracted by around 10 per cent for refinancing an existing loan previously held with another lender. Central banks' asset purchase estimated to have increased substantially.The extension of government policy support would continue to support household incomes and assist the

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