More to follow:
- Judged appropriate for policy to be a little more accommodative to support demand.
- Increased likelihood that economic growth would be somewhat weaker than forecast in coming years.
- Full effect of rate cuts yet to be felt, to early to see full impact of lower commodity prices.
- Had been noticeable decline in appetite for business spending in parts of resource sector.
- Likely mining investment would peak a little earlier, and somewhat lower level than forecast.
- Still expected mining investment to add significantly to economic growth in coming quarters.
- Labour market appeared to have eased in recent months, construction sector particularly weak.
- Non-resource investment to stay weak, some possibility of an increase in home building.
- Expected household consumption to grow in line with incomes, public demand to subtract from growth.
- Inflation to be consistent with target over next one to two years.
- A$ remained high by historical standards, despite decline in commodity prices.
- Global growth had edged down, growth in China and Asia had slowed a little further.
- Euro-zone crisis to remain a large downside risk to global economy for some time to come.
AUD/USD still trading around the 1.0250 level.
As usual the AUD/USD bouncing a little to 1.0263/66.
