Quick summary of the Reserve Bank of Australia May meeting Minutes:

via Reuters:

  • Board discussed whether to cut in May or wait for June meeting
  • Decided a move in May could better be communicated through the quarterly SOMP
  • Board agreed statement would not include any forward guidance on rates
  • Board felt lack of guidance did not limit scope for action at future meetings
  • Lower AUD both likely and necessary to help rebalance economy
  • Economic growth seen below trend, unemployment higher for longer
  • Discussed possibility slow wages growth could limit rise in unemployment
  • Latest rate cut to support encouraging trends in household demand
  • While concerned at home prices in Sydney, noted rest of country much more muted
  • Growth in home, investment credit appeared to have stabilised
  • Recent economic data positive, but outlook for business investment weaker
  • Expected fiscal consolidation by government to weigh on domestic demand
  • China growth had slowed, saw weakness in property market as a significant risk

For the full text: Minutes of the May 2015 Monetary Policy Meeting of the Reserve Bank Board

-

In (very) brief ... the easing bias is still in place