Nomura are maintaining their Reserve Bank of Australia outlook for two interest cuts:

  • 25bp cuts in each of November and February

But following the minutes yesterday the bank acknowledges the risk for a cut as soon as October.

Says the minutes were dovish, specifically referring to:

  • RBA discussion of intensified downside risks to the global outlook
  • comments on wages - wage growth remained low, upward trend in wage growth appears to have stalled