Minutes from the July 7 monetary policy board meeting at the Reserve Bank of Australia

The full text is below, and these quick headlines via Reuters:

  • Steady policy appropriate given current and prospective conditions
  • Would review coming data to judge if rates remain appropriate
  • Further fall in AUD likely, necessary to provide assistance to economy
  • Employment growth, slowdown in population helped keep jobless rate stable
  • ABS vacancies data suggested jobless rate to stay steady or even decline

(ABS is the Australian Bureau of Statistics )

More:

  • Still spare capacity in labour market, will keep inflation well contained
  • Data suggest strength in Q1 GDP had not carried through to Q2
  • Non-mining investment subdued, but surveys of business conditions showed a pick up
  • House price growth confined to Sydney and melbourne, apartment prices restrained
  • High house prices hard for first time buyers, but boosts wealth of owners
  • Noted events in greece and china would bear close watching
  • Easing in china policies would support activity, improvement in property sector

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Minutes of the July 2015 Monetary Policy Meeting of the Reserve Bank Board
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Nothing too much to surprise there from the Minutes.

These:

  • Steady policy appropriate given current and prospective conditions
  • Would review coming data to judge if rates remain appropriate

Suggest a more neutral bias

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AUD dropping away back to (very) early session lows in the minutes following

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I noted earlier that most focus is going to be on Governor Stevens' speech tomorrow rather than on the Minutes today