There’s no surprise in the minutes:
- CPI outlook is subdued and gave scope to cut rates
- Rate cut ‘appropriate’ to allow sustainable growth
- Effects of stimulatory policy ‘continuing to emerge’
- Conscious of stronger housing, says credit growth subdued
- Labor market expected to stay subdued in near term
- More optimism on Japan, signs of increased activity
- 2013 GDP growth a little below trend, pick up in 2014
- A$ remaining high by historical standards
- Inflation consistent with target over next two years
- Effects of earlier cuts still working through economy
- Households responding, business below average on high A$
