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The Reserve Bank of Australia’s meeting minutes, released yesterday, stated that the soft housing market is consistent with ongoing consumer caution.
While housing credit growth has slowed and housing loan approvals had fallen in the first three months of the year, preliminary numbers for April showed an increase, the minutes of this month’s meeting on monetary policy said.
Although the economic outlook suggested a tightening of monetary policy at some point, the flow of economic data “had not added any urgency to the need for an adjustment to policy”, Board members believed.
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Policy will remained unchanged pending further data international developments.
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