#paul dales

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Australia Lowers Budget Deficit Projections

Australia’s government downgraded its budget deficit projections on higher corporate tax, while weak wage growth is forecast to weigh on income tax. The budget deficit for the fiscal year to June 2018 is seen at A$23.6 billion compared to the previous estimate of A$29.4 billion, Treasurer Scott Morrison said in his mid-year economic and fiscal outlook. The deficit for the next fiscal year was…

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RBNZ May Hike Rates Earlier Than Markets Expect: Capital Economics

RBNZ May Hike Rates Earlier Than Markets Expect: Capital Economics

The modest rise in headline and underlying price pressures in the third quarter suggest that interest rates may increase a little bit earlier than the Reserve Bank of New Zealand’s current suggestion of sometime late in 2019, Paul Dales, an economist at Capital Economics, said. Consumer prices rose 0.5 percent quarterly in the three months ended September, data from Statistics New Zealand showed…

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RBNZ Unlikely To Raise Interest Rates Until 2019 On Weaker Inflation

RBNZ Unlikely To Raise Interest Rates Until 2019 On Weaker Inflation

The Reserve Bank of New Zealand is unlikely to raise its interest rate until 2019, as the economy is still not generating much inflation, Paul Dales, an economist at Capital Economics, said. Consumer prices remained flat in the second quarter and the annual inflation rate eased to 1.7 percent from 2.2 percent, official data revealed on July 17. Dales noted that the latest data won’t worry the…

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Australia Holds Key Rate At Record Low

Australia Holds Key Rate At Record Low

Australia’s central bank maintained its key interest rate unchanged at a record low on Tuesday, as policymakers expect higher commodity prices to boost national income. The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to retain the cash rate at 1.50 percent. The bank had reduced the rate by 25-basis points each in August and May. “Taking account of the available…

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RBA Retains GDP Growth Forecasts For Australia

RBA Retains GDP Growth Forecasts For Australia

The Reserve Bank of Australia kept its outlook for growth and inflation, but it cited the currency as a major source of uncertainty. The economy is forecast to expand 2.5-3.5 percent through December 2017, before improving to 3-4 percent in December 2018, the bank said in its quarterly Statement on Monetary Policy, released Friday. The RBA observed that the economy grew more than estimates of…

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RBA Says Rate Cuts, Weak Currency Support Growth

RBA Says Rate Cuts, Weak Currency Support Growth

The Reserve Bank of Australia said the reduction in interest rates and the depreciation of the currency since 2013 are working to support economic growth. “This is evident in a range of indicators, including employment growth, job vacancies, surveys of business conditions and trade data,” RBA said in its quarterly Statement on Monetary Policy on Friday. The economy is expected to grow 2-3 percent…

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Australia Leaves Record Low Rates On Hold

Australia Leaves Record Low Rates On Hold

Australia’s central bank maintained its record low interest rate for the sixth straight meeting and hinted that it is prepared to ease monetary policy further. The policy board of the Reserve Bank of Australia left its cash rate unchanged at 2.00 percent as expected by economists. The bank had lowered the rates by 25 basis points each in February and May. Policymakers judged that leaving the cash…

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