Analysts at ANZ explained the RBA minutes will be closed watched for the commentary around wage growth.
"The RBA would have been surprised by both the step-down in growth in the private wage price index to a fresh low, as well as the 1% fall recorded in the GDP measure of wages. This weakness contrasts with the RBA’s expectation that wage growth had bottomed, and that it “is unlikely to ease further”.
Also, any discussion around house prices will be important with pressure rising for tighter macro-prudential controls from the regulators. Just yesterday, APRA’s head Wayne Byres when asked about tighter controls, replied "watch this space". These remarks came alongside comments from head of ASIC, Greg Medcraft that “I have been saying for a while that I thought it was a bubble and other people are catching up now”."