RBA minutes: Repeats AUD high by historical standards

FXStreet (Bali) - Minutes of the monetary policy meetings of the RBA from last July 1st were published, with the rhetoric retaining the neutral tone seen in recent months.

Key headlines (via Reuters)

On present indications, prudent to have period of steady rates

Repeats A$ high by historical standards, particularly given drop in commodity prices

AUD offering less assistance to the economy than it might otherwise

Board noted nzd and cad also high, were most surprised by low level of us dollar

Members agreed was difficult to judge if low rates would offset mining, fiscal drag

Further substantial falls in mining investment expected, public demand to be weak

Economic growth seen a little below trend over coming year, inflation in target band

Significant amount of monetary stimulus already in place to support economy

Saw some improvement in labour market, only moderate jobs growth expected

Household consumption had eased, liaison suggested retail sales little changed from may to june

Strong growth in home building expected, non-mining investment rising gradually

Labour costs subdued, members noted productivity had improved across economy