Just some small details but nothing major
As mentioned in the release earlier, there isn't much that is material enough to cause reverberations in the market even if the aussie did slip a little.
The first key thing to note is the language on the recent virus cases in Victoria. While the RBA did not specifically single it out, we know that is what they are referring to:
An important ongoing source of uncertainty is the possibility of significant outbreaks of the virus, although this should diminish as more of the population is vaccinated.
I don't see that as a major shift in the balance of risks as they do brush it aside by saying that it can be overcome by vaccinations - though that will take some time.
Besides that, there is a slight positive on the labour market language:
Progress in reducing unemployment has been faster than expected, with the unemployment rate declining to 5.5 per cent in April. Job vacancies are at a high level and a further decline in the unemployment rate to around 5 per cent is expected by the end of this year. There are reports of labour shortages in some parts of the economy.
I'm highlighting in bold what I feel is relevant in the paragraph above but even then, said emphasis is nothing to really shout about in my view.
The main policy language and forward guidance remains unchanged and those are more important really. As such, no fireworks whatsoever by the RBA as expected.
