Reserve Bank of Australia December meeting minutes were earlier:

Westpac out with a take now, comprehensive and detailed as always, but to jump to their conclusion (in summary, bolding mine):

  • sentiment in these minutes is somewhat less confident about the Australian economy than we have seen in previous minutes, although the outlook for higher rates is once again confirmed.
  • the Bank cannot be described as having moved to a 'neutral' bias.
  • However, taking into account the attention given to the credit; housing; consumer; and external risks, these minutes should be interpreted more 'dovishly' than we have seen over the course of 2018.
  • Westpac has consistently called the cash rate on hold since the August 2016 rate cut … Markets are now closely priced to our current view that rates will be on hold in 2019 and 2020.
  • However, traders will want to price-in some scenario for "rates activity" . These minutes are more likely to encourage them to price-in lower rates than the alternative.

This final point from WPAC contrasts with the RBA saying the next move is likely to be up. I reckon WPAC are onto something,