They are indeed. The consensus amongst analysts though is for a rate hike in June, not May.
Anyway, Headlines via Reuters:
- inflation had picked up and a further increase was expected, with measures of underlying inflation in the march quarter expected to be above 3 per cent.
- Australian economy had remained resilient and spending was picking up following the setback caused by the outbreak of the omicron variant
- wages growth had also picked up but, in aggregate terms, had been below rates likely to be consistent with inflation being sustainably at the target.
- strength of the Australian economy was evident in the labour market
- these developments have brought forward the likely timing of the first increase in interest rates.
- over coming months, important additional evidence will be available on both inflation and the evolution of labour costs
- members noted that higher prices for petrol and other commodities would result in a further lift in inflation over coming quarters
- members agreed that financial conditions in Australia remained highly accommodative
The comment on wages growth points to an RBA still without a sense of urgency to hike the cash rate.
Link to full text:
Minutes of the April 2022 Monetary Policy Meeting of the Reserve Bank Board
Governor Lowe:
