RBA – Minutes of the November 2014 Monetary Policy Meeting:

  • AUD above estimates of fundamental value, providing less help to economy
  • Repeats outlook is for period of stability in rates
  • BOJ stimulus, Japanese pension fund flows could keep AUD above fundamental value
  • RBA board cited considerable uncertainty over China property market, impact on economy
  • Domestic growth running at moderate pace, to remain below trend until late 2016
  • Very low rates, growing population to support housing market, home building
  • Higher home prices filtering through to household wealth and consumption
  • The Board noted lending to home investors rising noticeably faster than to owner occupiers
  • Mining investment still set to fall sharply, offset by rising resource exports
  • Non-mining investment not being hampered by cost or availability of finance
  • Labour market subdued, would be some time before unemployment fell consistently
  • Sluggish wage growth to help keep inflation in line with target range

Not much to surprise the market in these comments

Quick headlines via Reuters

Full text of the Minutes is here

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Little AUD response, but it is up marginally as I update this post