RBA Minutes: sees `considerable uncertainty' around wage pressures

The RBA minutes were released and the AUD/USD has dropped over 10 pips on the release.

RBA minutes headlines as follows: 

RBA minutes: Consumption growth likely to be lower in 3q than 2q.

RBA minutes: Sees `considerable uncertainty' around wage pressures.

RBA minutes: Growth in public/non-mining investment expected to pick up.

RBA minutes: Board judged steady policy consistent with inflation, growth goals.

RBA minutes: Considerable uncertainty" on how quickly wages might pick up, add to inflation.

RBA minutes: Pass-through to inflation could be delayed by many factors including retail competition.

RBA minutes: Competitive pressures on retail margins and costs expected to last for some while.

RBA minutes: Board discussed global trend of wages growth lagging unemployment.

RBA minutes: Any further rise in A$ would slow expected pick-up in inflation, economy.

RBA minutes: Local labour market had been surprisingly strong, above-average jobs growth likely to continue.

RBA minutes: Rising participation meant jobless rate to fall only slightly to 5.25 pct by end 2019.

RBA minutes: RBA saw more upside risks to non-mining business investment, infrastructure spending a boost.

RBA minutes: RBA expected GDP growth of around  3 pct over next few years, subdued productivity.

RBA minutes: Noted importance of data and "evidence-based policymaking" in lifting productivity.

RBA minutes: Housing market had eased in all major cities, still relatively strong in Melbourne.

RBA minutes

The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.