- Saw period of stability for rates, assuming economy evolved as expected
- Cash rate could “remain at its current level for some time”
- Past decline in as to help economy, though currency still high by historical standards
- Indicators positive for consumption, housing investment, exports, business conditions
further signs low rates having desired effect in a range of household, business data - Mining investment set to fall sharply in 2014/15, non-mining investment still subdued
- Labour market to stay subdued, usually lags changes in economic activity
- Slow wage growth to help keep inflation in target band, even with impact of AUD
- The board discussed the risk that media coverage of job losses could hurt consumer sentiment
- Risk appetite and borrowing in housing market “warranted close observation”, but little sign banks had materially relaxed their lending standards on housing
- China data difficult to interpret, growth may have moderated a little in early 2014
Full text of the minutes is here: Minutes of the March 2014 Monetary Policy Meeting of the Reserve Bank Board
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Nothing in the minutes of any surprise. AUD back where it was after a brief, small spike
