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Date Published : Thursday, March 20, 2008
The Reserve Bank of Australia (RBA) recently published the meeting minutes of the monetary policy board.
Relating to a meeting which took place on February 5th 2008, the notes centre on discussions relating to a number of different areas including domestic and international economic conditions, matters relating to financial markets and conditions relating to monetary policy.
As a consequence of the meeting, it was decided that Australia's interest rates would be increased to 7.25 per cent - a rise of 25 basis points.
"Before reviewing developments in the domestic economy, members noted that the national accounts for the December quarter were to be released the next day," said the minutes.
"They were briefed on the Bank's assessment that the data published so far on the main expenditure and income components suggested growth in GDP could be around 0.5 per cent in the quarter."
On domestic matters, it was noted that over the course of last year, retail sales had increased considerably and that consumption had been fuelled by an increase in the disposable income of households.
However, it was also noted that, in recent months, Australian consumer confidence had weakened.
Internationally, the board's discussions reflected upon conditions in a number of different countries, including Japan, where it was noted that growth levels during the final quarter of 2007 were reportedly strong.
It was also noted that euro area growth had lost momentum during 2007.
The RBA was established in 1960 and has its headquarters in Sydney.
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