The RBA minutes were released and the Aussie dropped a handful of pips with the minute not showing any surprises:

  • RBA removes high household debt mention in pol stance judgment 
  • Move to higher rate abroad has no direct implication here 
  • Economic conditions globally, locally more positive since 2016 
  • Asset valuations generally quite high 
  • Rate change timing here dependent on local economic conditions 
  • Further "Material" AUD rise wouldn't hurt economic activity, inflation 
  • Slow wage growth, high household debt could constrain spending 
  • Members noted policy had been eased significantly more in other advanced economies 
  • Judged steady policy consistent with growth and inflation targets 
  • Members discussed importance of risks in household balance sheets 
  • Rise in a$ driven by fall in us$, weighing on domestic inflation 
  • A "Material" further rise in a$ would result in slower pick-up in growth, inflation 
  • Increase in q2 gdp consistent with forecasts for gradual acceleration in growth 
  • Public infrastructure spending rising very strongly, last for a couple of years more 
  • Data pointed to subdued price pressures across economy in q2 
  • Liaison suggested firms absorbing higher energy prices into margins 
  • Recent strong jobs growth across states to support household incomes, spending 
  • Jobs gains had been well above level needed to absorb population growth 
  • Leading indicators pointed to slightly above-average job growth for rest of 2017 
  • Labour market still has spare capacity, wage growth to remain low for some time 
  • Housing markets had continued to ease in sydney and melbourne 

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