ANZ reaction to the RBA Minutes

There are clear concerns about growth in China and East Asia but overall the RBA is upbeat about the economy, analysts at ANZ write.

Domestically, the RBA felt the economy was solid.

"Soft GDP growth in Q2 reflected temporary weather-related disruptions and overall growth was expected to have strengthened in Q3," they wrote.

On housing they were uncertain but not overly worried.

The worries mostly stem from foreign shores.

"The minutes highlighted the slowdown in industrial production and exports in the region and noted that ongoing below-average growth remains 'a source of concern for the strength of the global economy'", ANZ wrote.

They expect the RBA to wait until 2016 to cut rates but say they can't rule out a cut before year-end if other banks follow Westpac and hike rates.

AUD/USD jumped 25 pips on the minutes but has given back most of the move. It's up 14 pips to 0.7262 on the day.