Reserve Bank of Australia Board's June Monetary Policy Meeting Minutes:
- Policy should be accommodative given domestic, international background
- Further fall in AUD both likely and necessary, especially given lower commodity prices
- AUD would need to be lower for sustained period to boost business investment
- GDP growth to remain a little below trend before picking up in late 2016
- Inflation well contained, likely to remain that way
- Members noted house price strength concentrated in Sydney, Melbourne
- Would take time to see effect of tightening of bank lending for property investment
- Labour data stronger in recent months, but outlook for only modest jobs growth
- Members discussed economic importance of fiscal conditions in states
- Some recent chinese data had been more positive, policy easing to help
Full text is here: Minutes of the June 2015 Monetary Policy Meeting of the Reserve Bank Board
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June Minutes ... the bank basically wanted to leave rates unchanged while they assessed the impact of the recent easings (Feb and May)
Nothing of much surprise here
AUD had a bit of a wiggle, down to just under 0.7844 and up to 80/81 ... its now (as I update) around 0.7758, a few points lower than the on pre-release levels
