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Australia’s central bank holds on as housing boom continues

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Australia’s central bank kept its main policy instruments unchanged on Tuesday after the global bond liquidation cooled and as the impact of historically low interest rates on asset markets emerges.

Reserve Bank of Australia Governor Philip Lowe and his board of directors kept the spot rate and three-year yield target at 0.10% and made no changes to the schedule. purchase of longer-term bonds. The central bank releases its biannual financial stability review on Friday, which is expected to focus on loans and housing.

“Given the environment of rising house prices and low interest rates, the bank will carefully monitor trends in mortgage lending,” Lowe said in A declaration. “It is important that lending standards are maintained.”

Hot property

House prices in Australia have risen the most in 32 years

Source: CoreLogic Inc.

House prices in Australia jumped in Marchmost since 1988, when the economic recovery and cheap mortgages prompted buyers to return to the market. The RBA has been able to revert to its usual bond-buying regime as the global reflation trade that has pushed up yields moderates, a turnaround accompanied by a depreciation of the local currency that will appeal to investors. policy makers.

What Bloomberg Economics Says …

“The RBA’s focus on credit growth is, in our opinion, overly optimistic. Increase in loan approvals and pickup in housing turnover means an acceleration in credit growth is set to emerge over the next few months, which is likely to catch the RBA and APRA behind the ball in terms of policy response. “

– James McIntyre, economist

Lowe is to decide in the coming months whether to keep the April 2024 obligation as the bank’s YCC target or to extend to the November 2024 deadline. He reiterated in today’s statement that the board of administration will consider doing so later in the year.

The governor Noted that the first A $ 100 billion ($ 76.5 billion) of longer-term central bank bond purchases are nearing completion, and the second program of the same amount will begin next week.

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