Money Australia economy to pick up speed after slow first-quarter - RBA

12:21  19 june  2017
12:21  19 june  2017 Source:   Reuters

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CANBERRA, June 19 (Reuters) - Australia 's economy should pick up speed after a sluggish start Appearing at a leadership conference, Reserve Bank of Australia ( RBA ) Governor Philip Lowe 0.3 percent in the first quarter of the year, while annual growth was the slowest since 2009 at 1.7 percent.

The economy should pick up speed after a sluggish start to the year, Reserve Bank governor Philip Lowe said on Monday, while also pointing to several RBA keeps record 1 .5% rate steady. "It is likely that growth over the next couple of years will be a bit stronger than it has been recently," he said.

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Graph 6. 1 . Australia ’s Trading Partner Growth*. Year-average % RBA forecast %. Consumption growth is still expected to pick up over the forecast period. The measures of underlying inflation were around 0.7 per cent in the December quarter , after an unusually low reading in the previous quarter .

Australia's economy should pick up speed after a sluggish start to the year, a top central banker said on Monday, while also pointing to several headwinds for the Pacific nation.

Appearing at a leadership conference, Reserve Bank of Australia (RBA) Governor Philip Lowe cited a recovery in the global economy, upbeat surveys of local business sentiment and strength in employment as reasons for optimism.

"It is likely that growth over the next couple of years will be a bit stronger than it has been recently," he said.

"The pick-up in the global economy is helping us. The return of mining investment to more normal levels is almost complete," he added. "Employment growth has also strengthened over recent months. These are all positive developments."

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Australia economy to pick up speed after slow Q 1 : RBA 8:17 AM. Britain and EU launch Brexit talks in Brussels 7:15 AM. Oil prices fall on further rise in US drilling, signs of slowing demand. 9:07 am.

The economy expanded by a disappointing 0.3 percent in the first quarter of the year, while annual growth was the slowest since 2009 at 1.7 percent.

The RBA's optimism on the outlook is a major reason it has resisted pressure for another cut in interest rates, which are already at record lows of 1.5 percent.

Lowe conceded there were hurdles ahead including slow wage growth, high levels of household debt and rising home prices in some of the major cities.

"As things currently stand, it looks likely that average growth in per capita incomes over the next quarter of a century will be lower than over the past quarter of a century," said Lowe.

Economic reform was needed to enhance living standards, though Lowe said there seemed to be a shortage of good ideas that could get through Australia's deadlocked political process.

Shoppers stand in front of a sales sign with their purchased items outside a retail store in central Sydney, Australia © REUTERS/Steven Saphore Shoppers stand in front of a sales sign with their purchased items outside a retail store in central Sydney, Australia

RBA Could Raise Rates 8 Times in 2 Years, Ex-Board Member Says .
Australia’s central bank could increase interest rates eight times in the next two years, former board member John Edwards said. The Reserve Bank of Australia is probably already considering a program of rate increases given its forecasts for inflation returning to target and economic growth to accelerate to 3 percent against a stronger global backdrop, Edwards said in a column on the website of the Lowy Institute for International Policy, where he is a non-resident fellow.Theorizing that the long-term cash rate is about 3.5 percent - lower than the 5.

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