Term+3,+Week+1+Challenge

READ THE PRESS RELEASE ON MONETARY POLICY FROM GLENN STEVENS, JULY 2009.

__Record the phrases he uses to describe why the RBA determined their interest rate position in July__.

__Ashleigh Pontifex__ - sharp contraction in demand, global financial markets improving, impact on other economies, credit conditions remain tigh, effects of economic weakness on asset quality present a challenge, approaching a turning point, should support recovery, restoring balance is essential, output has been sluggish, inflation continue to abate, seek to reduce leverage in an environment of tighter lending standards

__Robert Borg__ - The global economy is stabilising; downward risks to the outlook have diminished; conditions in global financial markets improving this year; credit conditions remain high and the effects of economic weaknesses present a challenge; continued progress in restoring balance sheets is essential; economic conditions in Australia have to date not been as weak as expected a few months ago; weaker demand for labour is leading to lower growth in labour costs; house prices are tending to rise; large firms have had good access to equity capital, which is assisting in strengthening their financial structures.

__Helen Said__ - Capacity utilisation has fallen back to about average levels; Business borrowing has been declining; Market and mortgage rates are at very low levels; business loan rates are below average