Minutes of the RBA February meeting

Minutes of the February policy meeting of the Reserve Bank of Australia:

• AUD still above most estimates of fundamental value
• Board discussed case for waiting until March to cut rates
• Decided a February easing allowed additional early communication in the quarterly SoMP
• Lower a$ needed for economy, further sustained fall would lift growth and inflation
• Board noted a$ would be affected by monetary policy expectations at home and abroad
• Revival in non-mining investment necessary for above-trend growth, but confidence lacking
• Pick up in household consumption also needed, lower fuel prices to help offset soft wages
• Unemployment expected to peak later and little higher than previously forecast
• Spare capacity, productivity growth had lowered unit labour costs and inflation outlook
• Housing market would bear careful watching given rising prices, investment lending
• Uncertain on outlook for chinese property market, impact on commodity demand

Full text is here: Minutes of the Monetary Policy Meeting of the Reserve Bank Board