RBA Minutes Today

• Today sees the release of the RBA meeting minutes, which are expected to provide insight into the surprise decision to hold rates on 7 July, a move that caught markets off guard.
• Under the RBA’s new communication format, the minutes have become somewhat less significant, given the greater depth of commentary provided via the post-meeting statement and press conference.
• However, given the unusual nature of the last meeting and the first inclusion of voting details, markets will be scrutinising the minutes closely for any additional insight.
• The vote breakdown showed six members in favour of no change, and three supporting a cut.
• Looking ahead, market participants will be highly attuned to the RBA’s preferred quarterly inflation print, as well as the labour market trends necessary to signal a genuine dovish shift.