Economy

Reserve Bank relies on CPI to decide on rate rise: Midday Roundup

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The Reserve Bank of Australia (RBA) says that it will use next week’s consumer price index data to decide at its next meeting whether it will lower interest rates.

 

In the minutes of its April board meeting published today the RBA said it had lowered its assessment of the pace of economic growth since it last lowered rates in November.

“If slower growth in demand could be expected to result in a more moderate inflation outcome, then a case could be made for a further easing of monetary policy,” the RBA said in the minutes.

“The board would have the opportunity at its next meeting to review the inflation outlook based on comprehensive new data on prices, as well as information on demand and output.”

” Members judged it prudent to evaluate those data before considering a further policy adjustment.”

Greens only have one nomination for Bob Brown’s senate seat

Only one person has put their hand up so far for retiring leader Bob Brown’s Senate position.

Tasmanian Greens have until Monday next week to nominate for the seat and former investment banker and vineyard owner Peter Whish-Wilson is the only candidate to have publicly nominated himself.

The party’s 25-member state executive met on Monday night to decide on a process to fill the casual vacancy, which will arise in June after Senator Brown announced last week he would exit Parliament.

Nominations have now been formally opened and will close on April 23.

Market edges up

The Australian sharemarket has edged up in early trade, after a mixed lead from Wall Street despite better-than-expected US retail sales numbers.

At the official market opening time the benchmark S&P/ASX 200 index inched up 0.22% to 4,312 points and the broader All Ordinaries Index gained 0.2% to 4,391.6 points.

New car sales rise in March

The number of new cars sold increased during March, according to the latest figures from the Australian Bureau of Statistics.

The figures show 89,694 new cars were sold in March, up by a seasonally adjusted 4%.

Sales are also up 4% from the same time last year.

Swan praises Jim Yong Kim appointment to World Bank

Treasurer Wayne Swan has praised the addition of Jim Yong Kim to the World Bank as a good move for the agency.

“While the other candidates were strong contenders, Jim Kim will make an excellent addition to the World Bank,” Swan said in a statement.

“I had a warm and productive working relationship with (outgoing president) Bob Zoellick and I am sure this will continue with Jim Kim.”

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