Australia Central Bank Sees More Rate Cuts Ahead, Pace Undecided

Australia's central bank board judged further policy easing would likely be needed over the coming year when it cut rates this month, and the pace could be gradual or quicker depending on the flow of economic data, Reuters reported. Minutes of its August 11-12 policy meeting showed the Reserve Bank of Australia saw a strong case for a quarter-point reduction in the cash rate to 3.6% as data had shown inflation was heading towards the mid-point of its 2-3% target band.
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Binance Australia Ordered to Hire Auditor for Money-Laundering Concerns

Binance is under the microscope in Australia, DLNews reported. Austrac, the country’s financial crimes regulator, has ordered the crypto exchange to appoint an external auditor after allegedly finding shortcomings in its anti-money laundering and counter-terrorism financing systems. “Big global operators may appear well resourced … but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia,” the country’s top regulator Brendan Thomas said.
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Australia Cuts Interest Rates, Signals More to Come as Inflation Slows

Australia's central bank cut interest rates on Tuesday for a third time this year and signaled further policy easing might be needed to meet its inflation and employment goals as the economy lost some momentum, Reuters reported. Wrapping up a two-day policy meeting, the Reserve Bank of Australia board cut the main cash rate by a quarter point to 3.6%, saying that data suggested core inflation would moderate to around the middle of its 2% to 3% target band, assuming a gradual easing in policy.
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Australia Set to Cut Rates, Stay Cautious on Policy Outlook

Australia’s central bank is poised to deliver its third interest-rate cut this year as inflationary pressures ebb, while Governor Michele Bullock is expected to stick with her cautious stance on the monetary policy outlook, Bloomberg News reported. Traders and most economists polled by Bloomberg anticipate the Reserve Bank will lower its cash rate by 25 basis points to 3.6% on Tuesday, bringing its cumulative easing in the current cycle to 75 basis points. The RBA will also publish its quarterly update of macroeconomic forecasts alongside the 2:30 p.m. decision.
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Australia Household Spending Up Modestly in June as Services Sputter

Australian household spending rose modestly in June as a rush for cars and electronics was offset by a slump in services, showing lower borrowing costs and higher real incomes are only slowly flowing into the broader economy, Reuters reported. Tuesday's data from the Australian Bureau of Statistics showed its monthly household spending indicator (MHSI) rose 0.5% in June, just half of the gain seen in May. Analysts had looked for an increase of around 0.8%.
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Australia Central Bank Wary of Cutting Rates Too Quickly, Prudent to Await More Data

Australia's central bank judged lowering interest rates for a third time within four meetings was not consistent with its strategy of easing in a cautious and gradual manner, a reason that it shocked markets by holding steady this month, Reuters reported. Minutes of its July 7-8 policy meeting showed the majority of the Reserve Bank of Australia's nine-member board judged rates at 3.85% were still modestly restrictive, but it was difficult to know how far they could be cut before becoming neutral.
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