RBA September meeting minutes say again that case for rate rises to slow as OCR rises

Minutes of the Reserve Bank of Australia September monetary policy meeting

The TL;DR version of these is they add nothing to what lowe spoke about last Friday, but I'm sure someone will come up with something obscure:

• RBA Gov Lowe says cash rate should at least average 2.5% over time
• More from RBA Gov Lowe says the Bank is closer to normal setting for rates
• RBA Gov. Lowe says inflation is too high

Headlines from the minutes via Reuters

• All else equal, members saw the case for a slower pace of increase in interest rates as becoming stronger as the level of the cash rate rises
• Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term in Australia was at its highest level in several decades and was expected to increase further over the months ahead
• Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time
• Board was resolute in the need to ensure inflation returned to target, but mindful that the path to achieve this needed to account for the risks to growth and employment
• Inflation was expected to peak later this year and then decline back towards the 2 to 3 per cent target range
• Board is seeking to return inflation to target while keeping the economy on an even keel.
• Labour market had remained tight and continued to indicate that the economy was having difficulty meeting the level of aggregate demand
• Board expects to increase interest rates further over the months ahead, but it is not on a pre-set path
• Discussed the arguments around raising interest rates by either 25 basis points or 50 basis points.
• Medium-term inflation expectations remained well anchored
• Interest rates have increased quite quickly and were getting closer to normal settings.

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WPAC and NAB have both issued +50bp rate hike forecasts for the RBA October (4th) meeting in past days.

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Full text:

Minutes of the September 2022 Monetary Policy Meeting of the Reserve Bank Board