Harper: Economic growth isn't strong enough to raise interest rates

13 Sep 2017 10:18 AM

Ian Harper, a member of the Reserve Bank of Australia board, made the following statement:

  • Economic growth is not strong enough to raise interest rate.
  • Australian dollar gains driven by weakness of the US dollar.
  • The restrictions that have been put on property lending work well.
  • While full-time employment levels have achieved impressive growth, unemployment has fallen, but the worrying issue is under-employment besides the slowdown in wage growth and household income because it indicates excess capacity.
  • The Australian economy is still moving below expectations.
  • Consumption represents two-third of GDP, and any slowdown in consumption will push GDP away from our expectations.

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