Low Rates for Longer: RBA Minutes
It was reasonable to expect that an extended period of low interest rates would be required in Australia to make sustained progress towards full employment and achieve more assured progress towards the inflation target, minutes of the RBA September meeting showed. "Recent outcomes suggested that spare capacity remained in the labor market and that the economy could sustain lower rates of unemployment and underemployment, " it added. At the same time, members recognized that housing credit growth had remained subdued, although mortgage rates were at record low levels and there was strong competition for borrowers of high credit quality.
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