RBA Minutes failed to deliver anything new, Aussie unchanged


The RBA Minutes for the month of March were released and we have seen a muted response from the market in the Aussie thus far.

The main takeaways are:

  • The rising dollar complicates economic transition,
  • House Prices are strong in Sydney and Melbourne,
  • The GDP 1.1% result was above expectations for the Dec quarter,
  • Non-mining investment had risen in the Dec quarter,
  • Household Consumption growth picked up, steady policy is consistent and economic growth to accelerate over next to years gradually,
  • Slow growth in incomes could restrain consumption given high debt levels,
  • Soft GDP wage measure suggests very little labour cost pressure in economy,
  • Wages growth, underlying inflation expected to rise only gradually,
  • Still difficult to assess momentum in labour market...