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RBA’s Hunter: Housing market crucial transition channel for monetary policy
Reserve Bank of Australia (RBA) Assistant Governor Hunter said on Tuesday that the housing market is an important transition mechanism for monetary policy. Hunter added that the central bank is looking to cool things off in both the housing market and the broader economy.
Key quotes
Housing market crucial transition channel for monetary policy.
Effect of house price changes on consumer spending actually quite small.
Don’t anticipate recession in economy.
We want to see a weaker economy relative to trend.
Aiming to cool down housing market, economy.
Monitoring Bathla situation, no systemic risk seen.
Board has been clear inflation is top priority.
July CPI data represented just one month.
Board worried about inflation, has low tolerance.
Board may need to hike rates if inflation looks set to intensify.
Market reaction
At the time of writing, the AUD/USD pair is down 0.04% on the day at 0.7215.
