The RBA left its cash rate unchanged for a record 21st straight meeting
The last change the RBA made was back in in August 2016 when they cut rates from 1.75% to 1.50%, and since then it's been as dull as ever - especially in the last year or so - by the Australian central bank.
So, was there any changes to this month's statement compared to last month? In essence, not really but there are some minor tweaks on the RBA's take on some other matters.
For starters, they removed the language on political developments in the Eurozone from June:
"Financial markets have been affected by political developments in the eurozone, particularly in Italy."
And replaced it with that of emerging markets instead:
"There have also been strains in a few emerging market economies, largely for country-specific reasons."
On net, it doesn't really change much to be honest. The RBA noted "country-specific reasons" for the EM risk, so they don't look too worried by that. Other than that, they also noted a little on the appreciating USD:
"There has been a broad-based appreciation of the US dollar."
But the lack of elaboration doesn't really offer much into what the RBA thinks of that. Another nothing sentence really.
Apart from that, the RBA tweaked some language in their outlook for the housing market but they still don't look too overly concerned by the falling house prices in Sydney and Melbourne just yet.
On the balance of things, there's still a lot of vague language - like that of the dollar - as the RBA isn't quite ready to show its hand to the market just yet. And I expect that to continue still, but they may err more to the dovish side should we see further slowdown in the Chinese economy and a continued downturn in the housing market.
Otherwise, don't expect any fireworks any time soon from the RBA.