Minutes of the Reserve Bank of Australia's monetary policy meeting earlier in the month.

On the currency says:

  • board concluded ending RBA bond buying would put "significant" upward pressure on AUD
  • AUD 'noticeably lower than it would have been without the November stimulus package

More, Headlines via Reuters:

  • cash rate to be kept at 10 bps as long as is necessary
  • will not raise cash rate until inflation sustainably in 2-3% target band
  • does not expect to reach targets for unemployment, inflation until 2024 at the earliest
  • sustained period of labour market tightness needed to lift wage growth, inflation
  • liaison suggested it will be some time before wage freezes to end, public sector pay also restrained
  • board noted RBA balance sheet to GDP still lower than most other advanced economies
  • benefits from low rates outweighed risks from more leverage, rising house prices
  • few signs of deterioration in home lending standards, would be monitored closely

Full text:

---

Scanning through the Minutes it does appear there are the beginnings of a discussion about the trade-off between low rates and asset price risk