Reserve Bank of Australia

Headlines via Reuters

  • No mention in minutes that board considered option to raise rates
  • Board agreed it was difficult to either rule in or out future changes in cash rate
  • Economic outlook uncertain but risks seemed broadly balanced
  • Would take "some time" before board could be confident inflation returning to target
  • Upside risks to inflation had not yet materialised, while consumption was very weak
  • Inflation high but gradually returning toward target, labour market easing
  • Gap between demand and supply in economy "closing relatively quickly"
  • Board judged demand would continue to exceed supply for a time
  • Labour market a little tighter than consistent with inflation at target
  • Wage growth may have peaked, but not expected to decline quickly
  • Recovery in productivity needed to balance high unit labour costs
  • Overall financial conditions remained restrictive, particularly for households

Full text is here:


The minutes confirm the shift to less hawkish at the Bank that was evident on the day of the meeting. The March meeting left the cash rate unchanged:

And, from Governor Bullock's news conference on the day:


Reserve Bank of Australia RBA