Aussie bond futures tick lower on the call

This isn't so much having an impact in rescuing the AUD for now but domestic bond futures are reacting to the call a little, with yields moving higher.

Westpac argues that the May jobs report is a "game changer" and that could spur an earlier move by the RBA if labour market conditions - especially wages - show substantial improvement in the months ahead.

"We expect the RBA will begin it's tightening cycle in Q1 of 2023. By then, we expect that the conditions for that first rate increase around full employment and inflation will have been met while wages growth will be close to 3%."