The Reserve Bank of Australia might offer up some thoughs on mortgage rate rises in the minutes
Some of the banks are on alert.
ANZ, for example, highlight:
- The discussion about developments in mortgage rates will be particularly interesting
Deutsche Bank expand, and also on the jobs market:
We will be exploring the extra details available in the minutes in relation to two features of the post-meeting statement
- First, by the time of the meeting, Westpac had announced a 14bp increase in its variable mortgage interest rates. Yet the RBA left unchanged from the August post-meeting statement its description that "the average mortgage rate paid is lower than a year ago".
- The second relates to the labour market. In the September post-meeting statement, the Bank removed a reference that it has made in various forms in every post-meeting statement for over a year that "forward-looking indicators continue to point to solid growth in employment." We will be watching the minutes for more clues as to whether the Bank has softened its outlook for employment growth (notwithstanding the very strong employment print released on 13 September for August).
The minutes are due at 0130GMT
