"So there's no real visibility on any dissent around the board. So it would be very interesting if we have some external members who come in and make comments that are not so much in line with what the governor is saying. So it definitely changes that dynamic."
ALVIN TAN, HEAD OF ASIA FX STRATEGY, RBC CAPITAL MARKETS, SINGAPORE "Given the current macro climate, the policy recommendations don't really have much of an immediate impact in terms of expectations about where the RBA might be going and the pace of the hikes. "In general, you're going to see the communication strategy change towards greater transparency, particularly in articulating the RBA's macroeconomic outlook and policy outlook ... This press conference following each policy meeting, is basically going to make the policymaking process a lot more transparent."
MATT SIMPSON, SENIOR MARKET ANALYST, CITY INDEX, BRISBANE "I think if there were to be a market reaction, we’d have seen it by now. But the report itself was only likely to be a market mover if radical changes were made which could impact the RBA’s current policy stance. Perhaps we’ll see more of a reaction should Lowe not be reappointed, as markets might assume his replacement will be more aggressive with policy (one way or another). "Traders should like the much-needed clarification over the RBA’s inflation targeting, as it means less wriggle room for the RBA to wing their way through and provide better forward guidance."
TINA TENG, MARKETS ANALYST, CMC MARKETS, AUCKLAND "The proposal is not something major for the Australian markets, but I can see that the change may make the RBA’s job more effective in terms of monetary policy and its guidance on the economy."
(Reporting by Rae Wee and Ankur Banerjee in Singapore
Editing by Shri Navaratnam)
