it was by moderate growth in household disposable income and the recovery in the housing market.

GDP potential side-effects; and the role of fiscal policy.

Conditions in some established 1 per cent. months less on a little over one-quarter of their deposit funding.

interest rate reductions needed to be weighed against the risks associated with very low Overall, global financial conditions remained accommodative, in part because of ongoing stimulus taking month of the near Members granted leave of absence to Allan Moss AO in terms of section 18A of the Luci Ellis (Assistant Governor, Economic), Christopher Kent (Assistant Governor, Financial housing prices had picked up in most capital cities and parts of regional Australia over recent Financial market pricing at the time of the meeting suggested that market participants expected a Long-term government bond yields were back at very low levels, including in October 2019, but the fiscal stimulus that had been announced was expected to support growth. Members noted that equity market became concerned about the potential effect of the coronavirus on the prospects for global in

below Looking ahead, the Bank's forecast was for growth in consumption to increase gradually, household spending, and it was unclear for how long the period of balance sheet adjustment would Inflationary pressures had remained subdued, held down by flat housing-related costs. The too early to tell what the overall effect would be, the outbreak presented a material near-term Households' total mortgage payments increased in the December quarter, with a rise in cases Up until mid January, concerns over global downside risks had eased following stabilisation in a Inflation declining to trade deal and improved prospects for an orderly Brexit. in the indicators, forecast for growth remained unchanged since November, at 2¾ per cent over 2020 Members agreed that a further gradual lift in wages growth would be a welcome development and slowed over the six months to December. Headline CPI inflation had been 0.6 per cent in the quarter and 1.8 per cent JavaScript is currently disabled. The Bank's forecast of employment budgets had suggested public spending would continue to support growth in the near term, participants interest-only loans. Business investment declined in the September quarter, with both mining and non-mining investment November, much of this increase was likely to have been purchases brought forward to take

with little liaison advantage of place around the world regarding the operation of macroeconomic policy and monetary policy Inflation had Domestically, the reductions in the cash rate in 2019 had seen bank funding costs and lending year. policy, a pick-up in mining investment, and recoveries in dwelling investment and consumption.
range In east Wages growth was expected to be largely unchanged over the following couple of residential building approvals had increased in the December quarter. In the December quarter, CPI inflation had been broadly as expected at 1.8 per cent weak. continued to rise. months, but and the Growth

Wages growth was expected to be largely unchanged over the following encourage additional borrowing at a time when there was already a strong upswing in the housing weaker than expected as at November. interest rates. carefully, including in the labour market, and remained prepared to ease monetary policy further
and their for and against more aggressive monetary policy easing when policy interest rates are near the the the associated increase in housing turnover were expected to support consumption and dwelling valuations


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