The Reserve Bank will be happy with this result and be content to sit on the sidelines. Companies are wearing some of the price pressure rather than passing it on. When consumers are tightening their purses, retailers don't want to be cranking up prices.
More Quotes from Jarrod Kerr:
The market is now taking a pause to assess just what Rita will do. It won't fully digest Rita until Monday, although the forecasts are looking a little better than yesterday at present.Jarrod Kerr
The good news is the surge in business investment is laying the groundwork for improved growth. This is what the central bank wants and so they will stay on the sidelines.
Jarrod Kerr
There is further weakness ahead for consumers. House prices are falling, home construction is soft, consumer confidence is down and oil prices have risen.
Jarrod Kerr
Business credit growth had been quite weak for the last few months, so a good strong rebound in business borrowings is a positive for capital expenditure, which is needed in Australia.
Jarrod Kerr
I think the bank (RBA) will welcome that with open arms and it will further confirm their idea to sit on the sidelines at this stage and ride out the blip in oil prices.
Jarrod Kerr
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