- Most prudent course likely to be a period of stability for rates
- Despite recent fall, A$ remained high by historical standards
- In recent months there had been a further pick up in lending to housing investors
- Members (of the Board) discussed importance for banks to maintain strong lending standards
- Range of indicators suggested labour market was subdued but had stabilised somewhat this year
- Forward-looking indicators pointed to modest employment growth ahead
- Wage growth to remain relatively slow near term, help contain inflation even with A$ lower
- Historically slow wage growth consistent with spare capacity in labour market
- More timely indicators suggested moderate growth overall had continued into Q3
- Consumption was likely to be supported by ongoing strength in housing
- Members observed most Australian iron ore production remained profitable following price fall
- Members were briefed that Chinese authorities had scope to ease policy if needed to support growth
Minutes of October 2014 Monetary Policy Meeting of the Reserve Bank Board
–
Aint much new there
