RBA Minutes out now:

  • Further fall in Australian dollar needed for economy
  • Prudent course likely to be period of rate stability
  • Board noted that market expected easing next year, discussed factors behind those market expectations
  • AUD still above estimates of fundamental value
  • GDP growth to be below trend over 2015
  • Subdued labour market likely to weigh on consumption growth
  • Inflation outlook consistent with target
  • Forward indicators consistent with relatively moderate jobs growth

Headlines via Reuters

Full text: Minutes of December 2014 Monetary Policy Meeting of the Reserve Bank Board

The Minutes of the December meeting.

They’ve been rendered a little less important this month given the governor’s interview in Australian Financial Review: RBA’s Stevens says AUD should be closer to 0.7500

One thing that sticks out and should be noted from reading between the lines. there will be no February rate cut.