RBA meeting minutes,

  • Rise in A$ driven by fall in US$, weighing on domestic inflation
  • A "material" further rise in A$ would result in slower pick-up in growth, inflation

Weak jawboning from the Reserve Bank of Australia overlords

More headlines from the minutes:

  • Rate hikes abroad did not have "mechanical" implications for Australian rates
  • Any rate changes would be dependent on domestic economy
  • Members noted policy had been eased significantly more in other advanced economies
  • Judged steady policy consistent with growth and inflation targets
  • Members discussed importance of risks in household balance sheets
  • Increase in Q2 GDP consistent with forecasts for gradual acceleration in growth
  • Public infrastructure spending rising very strongly, last for a couple of years more
  • Data pointed to subdued price pressures across economy in Q2
  • Liaison suggested firms absorbing higher energy prices into margins
  • Recent strong jobs growth across states to support household incomes, spending
  • Jobs gains had been well above level needed to absorb population growth
  • Leading indicators pointed to slightly above-average job growth for rest of 2017
  • Labour market still has spare capacity, wage growth to remain low for some time
  • Housing markets had continued to ease in Sydney and Melbourne

Quick Headlines via Reuters

Pretty much as expected comments on the two issues most in focus ... labour markets and house price growth.

RBA still not happy on slow wage growth.

Full text: Minutes of the October 2017 Monetary Policy Meeting of the Reserve Bank Board