Consumer confidence has now fallen by 9.7 per cent over the last two months, with the largest dips recorded in Victoria and Western Australia, as house prices soar and Victoria’s lockdown induces uncertainty.
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Via Bill Evans at Westpac:
Markets are closely scrutinising the next moves from the RBA.
It is important to recall that the key lesson of recent years for central banks and the likely current thinking of the RBA as expressed last year by the Deputy Governor is that it is better to err on the side of providing too much stimulus – even more so when exiting a damaging recession which has left the unemployment rate at unacceptable levels (albeit not as high as feared).
The next Board meeting is on February 2 to be followed by an address (30 minutes speech; 30 minutes Q and A) by the Governor to the National Press Club on February 3.