Westpac Chief Economist Bill Evans with that response.

In brief:

The minutes make a fairly clear case for another rate cut in 2019.

  • the key rate cut theme that " the Australian economy could sustain lower rates of unemployment and underemployment" returning to the narrative, our central view that there is no reason to wait until November for the next move still seems reasonable.
  • the minutes warn, "developments in the international and domestic economies, including the labour market" will be assessed to see whether a further easing of policy is "needed".

Westpac continues to predict cuts in the cash rate of 25 basis points in both

  • October
  • and February next year