Minutes of the February policy meeting of the Reserve Bank of Australia:

  • AUD still above most estimates of fundamental value
  • Board discussed case for waiting until March to cut rates
  • Decided a February easing allowed additional early communication in the quarterly SoMP
  • Lower a$ needed for economy, further sustained fall would lift growth and inflation
  • Board noted a$ would be affected by monetary policy expectations at home and abroad
  • Revival in non-mining investment necessary for above-trend growth, but confidence lacking
  • Pick up in household consumption also needed, lower fuel prices to help offset soft wages
  • Unemployment expected to peak later and little higher than previously forecast
  • Spare capacity, productivity growth had lowered unit labour costs and inflation outlook
  • Housing market would bear careful watching given rising prices, investment lending
  • Uncertain on outlook for chinese property market, impact on commodity demand

Quick headlines via Reuters

Full text is here: Minutes of the Monetary Policy Meeting of the Reserve Bank Board