• Most prudent course likely to be a period of stability for rates
  • Despite recent fall, A$ remained high by historical standards
  • In recent months there had been a further pick up in lending to housing investors
  • Members (of the Board) discussed importance for banks to maintain strong lending standards
  • Range of indicators suggested labour market was subdued but had stabilised somewhat this year
  • Forward-looking indicators pointed to modest employment growth ahead
  • Wage growth to remain relatively slow near term, help contain inflation even with A$ lower
  • Historically slow wage growth consistent with spare capacity in labour market
  • More timely indicators suggested moderate growth overall had continued into Q3
  • Consumption was likely to be supported by ongoing strength in housing
  • Members observed most Australian iron ore production remained profitable following price fall
  • Members were briefed that Chinese authorities had scope to ease policy if needed to support growth

Minutes of October 2014 Monetary Policy Meeting of the Reserve Bank Board

Aint much new there