RBA's April Minutes Support Case for Faster Rate Cuts in 2025, Says ANZ Research

MT Newswires Live2025-04-15

The Reserve Bank of Australia's (RBA) April minutes reinforce expectations for faster rate cuts starting May against a backdrop of rapidly evolving trade developments, ANZ Research said in a Tuesday note.

In its minutes published on the same day, the RBA said its upcoming meeting in May would be an "opportune time to revisit the monetary policy setting" and emphasized the need to be "cautious and alert to the evolving economic outlook."

"This leaves the door open, in our view, for easing ahead of hard data showing impacts of global trade uncertainty," ANZ Research senior economist Adelaide Timbrell wrote.

ANZ expects the RBA to ease the cash rate by 25 basis points in May, July, and August to partially offset the impact of tariffs.

The RBA's meeting was held before the Trump administration's "Liberation Day" tariffs on April 2. The US has since lowered the tariffs to the baseline rate of 10%, notably excluding China.

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