There was only scant change to the assessment of domestic conditions as well. On investment outside of the resources sector, the RBA added "recent data suggest some prospect of a modest increase during next financial year", although now judges dwelling investment to be "slowly improving". On resources investment, there was no change to the statement, suggesting the most recent capex data had not done enough to change their current view on when it will peak.
The fact that GDP is likely to come in under the Bank's forecast of 0.7%QoQ also doesn't seem to be much of an issue. For my money, it looks like it will be ~0.3-0.4%QoQ.
With the final statement also unchanged, it would appear that the RBA retains an easing bias. I think there is enough in the data to suggest they probably will need to cut again probably earlier than the market is anticipating.
