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Australia’s central bank had counted on improving outlook when trimming stimulus By Reuters

© Reuters. FILE PHOTO: Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz

SYDNEY (Reuters) – Australia’s central bank was responding to an unexpectedly strong economic recovery when it decided to trim its massive bond buying scheme this month, though mounting coronavirus closures have since darkened the outlook.

Minutes of its July 6 policy meeting showed the Reserve Bank of Australia (RBA) policy board had been surprised by the pace of economic growth and, particularly, the rebound in the labour market.

While it had noted restrictions in Sydney and Melbourne could curb household spending, since then the lockdowns have tightened markedly and spread to the state of South Australia.

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