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The Reserve Bank of Australia said the rate cut action early this month was intended to support demand, while inflation outcomes were expected to be consistent with the target. The Australian central bank said the lower exchange rate is needed to achieve balanced growth and further action on rates would be initiated only after closely watching house price developments.
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The Australian economy picked up a bit of momentum in December, the latest survey from the Conference Board showed on Wednesday, as its leading economic index was up 0.4 percent on month.
During the six-month period through December, the leading economic index fell 0.4 percent, although four of the seven components increased. Additionally, the strengths among the leading indicators have become more widespread than the weaknesses in recent months, the CB said.
The coincident index gained 0.3 percent in December following the 0.5 percent increase in November and the 0.3 percent gain in October.
All four coincident components increased in December, including employed persons, household gross disposable income, retail trade and industrial production.
The coincident climbed 1.5 percent in the second half of 2014, up from its increase of 1.0 percent over the first half of last year.
Taken together, the recent behavior of the composite indexes suggests that the economic expansion should continue in the near term, but the pace is unlikely to pick up considerably over the next few months, the Conference Board said.
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The Australian economy inched slightly forward in January, the latest survey from Westpac Bank and the Melbourne Institute suggested on Wednesday, as its leading economic index added 0.1 percent on month.
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"We still believe that an interest rate cut in March is the best policy to support domestic demand and maintain downward pressure on the Australian dollar and this outcome remains our forecast," Westpac chief economist Bill Evans said.
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The unemployment rate in Australia was a seasonally adjusted 6.3 percent in February, the Australian Bureau of Statistics said on Thursday.
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The total number of new motor vehicle sales in Australia was up a seasonally adjusted 2.9 percent on month in February, the Australian Bureau of Statistics said on Monday, standing at 95,737.
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Australia posted a seasonally adjusted merchandise trade deficit of A$1.256 billion in February, the Australian Bureau of Statistics said on Thursday.
That beat forecasts for a shortfall of A$1.30 billion following the A$980 million deficit in January.
Exports were up 1.0 percent on month to A$27.874 billion.
Rural goods rose A$390 million (11 percent) and non-monetary gold rose A$98 million (8 percent).
Non-rural goods fell A$218 million (1 percent) and net exports of goods under merchanting remained steady at A$34 million. Services credits rose A$11 million.
Imports added 2.0 percent to A$29.129 billion. Intermediate and other merchandise goods rose A$284 million (3 percent), consumption goods rose A$192 million (3 percent) and non-monetary gold rose A$96 million (36 percent).
Capital goods fell A$116 million (2 percent). Services debits rose A$78 million (1 percent).
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Australia had A$22.1 billion credit card purchases in February, the Reserve Bank of Australia said on Monday.
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The unemployment rate in Australia came in at a seasonally adjusted 6.1 percent in March, the Australian Bureau of Statistics said on Thursday.
AUDUSD M5: 70 pips price movement by AUD - Unemployment Rate news event :
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A leading economic index for Australia gained for the third straight month in February, the latest survey from the Conference Board showed on Tuesday, gaining 0.5 percent.
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Final demand producer prices in Australia added 0.5 percent on quarter in the first quarter of 2015, the Australian Bureau of Statistics said on Friday - accelerating from the 0.1 percent increase in the three months prior.
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