Reserve Bank of Australia
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Australia's central bank felt it needed to cut interest rates at its May meeting because the economy was still growing at a below-potential pace and inflation was not a threat, minutes showed on Tuesday.
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Markets are back in crisis mode on the back of Spain's economic and budgetary woes, said Callum Henderson, Global Head of FX Research, Standard Chartered. He added that he remains bearish on the euro for some time.
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Glenn Rosewall, MD & CEO, BBY says the RBA's premise - that the strength from Western Australia will filter through the rest of the economy - has been proven false and that the central bank must cut rates to support overall growth.
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Angus Geddes, CEO of Fat Prophets says the RBA's decision not to cut rates on Tuesday was wrong as the surprise trade deficit shows the economy is weakening. He expects the RBA to cut rates in May.
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Robert Rennie, Global Head of FX Strategy, Westpac Bank thinks markets are too optimistic about the upcoming U.S. non-farm payrolls data. He forecasts payrolls rose by 180,000 in March, lower than the consensus view of 203,000.
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Stephen Walters, Chief Economist, Australia, JPMorgan says the RBA will likely remain on hold at its meeting on Tuesday but the tone of the statement will be key.
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Chris Stott, Portfolio Manager, Wilson Asset Management says Australian equity markets could gain between 5 to 10% over the next 12 months.
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Chris Kimber, Managing Director, Wealth Management, Fat Prophets believes that the Australian stock market will only advance higher if the dollar loses some of its strength and the RBA cuts rates soon.
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Australian employment jumped past all expectations in January, shoving the jobless rate to a six-month low of 5.1 percent and lifting the local dollar half a cent as investors pared back expectations for a cut in interest rates any time soon.
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Moves by Australian banks to raise mortgage rates independently of the central bank did not change the impact of monetary policy, a top central banker said on Tuesday, dampening speculation of a cut to its official rate in response.
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Australia's central bank on Friday repeated that interest rates were at the right level for the moment though there would be scope for an easing if the economy slowed materially.
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Simon Burge, Chief Investment Officer, ATI Asset Management likes financials right now, especially ANZ, NAB and Westpac on the back of good yields.
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Paul Dowling, Principal Analyst,Principal Analyst, East and Partners says the depressed demand for credit is saving Aussie banks, and that if current domestic deposit taking continues at its current traction, it could dramatically decrease rollover funding.
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John Corr, MD & Founder at Fortitude Capital, thinks that the retailers will suffer from the latest rate cut but is still bullish on the mining sector, especially Flinders Mines, New Hope Coal and CSG Limited.
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Nicki Hutley, Director of Economics at KPMG, believes that Australia's central bank cut rates by 25 basis points due to global economic conditions.
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Malcolm Wood, head of investment strategy, Morgan Stanley Smith Barney Australia, says his outlook for the Australian market remains positive given recent developments such as the rate cut by the reserve bank, high dividend yields, and healthy corporate balance sheets.
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Charles Tarbey, Owner and Chairman of Century 21 Australia, says history has shown that an RBA rate cut is more likely to result in people saving money instead of investing in real estate.
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The Australian jobs market is showing further signs of weakness, with job advertisements in newspapers and on the internet slipping for a third consecutive month in September. ANZ’s monthly survey shows job ads dipped 2.1 percent in September, from August.
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Bill Evans, global head of economics at Westpac Bank, stands by his earlier call that the RBA will cut rates by 25 basis points before the year-end.
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Australia's economic growth may have slowed in the January to March quarter compared to last year, but one investment advisor is betting the mining boom in the country will continue, and that in turn will benefit one largely neglected property market.