Westpac on RBA minutes: "Will see no need to raise rates in 2018"

The Reserve Bank of Australia October meeting minutes post from earlier is here:

Reserve Bank of Australia October minutes - comments on AUD and more

Westpac Chief Economist Evans' take (in brief):

• Commentary around the domestic economy was generally upbeat
• On the other hand, subdued price pressures continue across the economy and retail electricity prices are expected to increase significantly in the September quarter.
• We have always argued that the policy process next year will be dependent on the strength of the domestic economy and not be dictated by any global trend to higher interest rates. It is interesting that the Board has chosen to emphasise this strategy in its minutes.
• While the RBA does not release the detailed forecasts behind its general view that growth will be comfortably above trend next year, we can discern from the rhetoric that the Board, to date, has a more upbeat outlook for incomes; consumer spending; jobs growth; wages growth and the construction cycle than is our own view.
• We have been encouraged by these minutes to expect that if the economy evolves in the way we anticipate, the Board will see no need to raise rates in 2018.