In short, the meeting is largely expected to be a non-event
Nothing has really changed since the last RBA meeting as the two main problems for the RBA - inflation and household consumption/debt - are yet to show any signs of improvement just yet. Q1 wage data barely showed any improvement, and that will mean that the RBA will continue with the same tone and the same message tomorrow.
The one thing to potentially look out for will be the RBA's take on the latest housing downturn in Sydney and Melbourne. Last week's data showed that house prices continue to fall for an eight straight month - with a first annual decline since 2012.
That will add to the headache that the central bank is currently facing and will complicate matters as we move forward, that is if the trend persists.
Either way, don't expect much from tomorrow's meeting and statement. It's certainly going to be no fireworks and you'd be forgiven if you forgot that it was even on the agenda for tomorrow's trading day.
The market is only looking for the RBA to move some time in Q2 2019, so until we get close to that timeline it'll be nothing but a bunch of snooze fests.
