RBA minutes: Would consider further policy easing if needed to support growth, inflation targets – AUD unmoved

The Reserve Bank of Australia (RBA) published the minutes of its September 3^rd, 2019 monetary policy meeting on Tuesday, with the key headlines found below.  

• BOARD WOULD CONSIDER FURTHER POLICY EASING IF NEEDED TO SUPPORT GROWTH, INFLATION TARGETS
• RBA: REASONABLE TO EXPECT EXTENDED PERIOD OF LOW INTEREST RATES TO ACHIEVE EMPLOYMENT, INFLATION GOALS
• RBA: MEMBERS WOULD ASSESS DEVELOPMENTS GLOBALLY AND AT HOME WHEN CONSIDERING MONETARY POLICY
• RBA: MEMBERS HAD DETAILED DISCUSSION ON WAYS FINANCIAL CONDITIONS ABROAD AFFECT AUSTRALIA
• RBA: RECENT OUTCOMES SUGGEST SPARE CAPACITY REMAINED IN THE LABOUR MARKET
• RBA: AUSTRALIAN ECONOMY COULD SUSTAIN LOWER RATES OF UNEMPLOYMENT AND UNDEREMPLOYMENT
• RBA: LIAISON WITH RETAILERS SUGGESTED GOVT TAX REBATES YET TO LIFT SPENDING NOTICEABLY
• RBA: FURTHER SIGNS OF TURNAROUND IN ESTABLISHED HOUSING MARKET, BUT TURNOVER STILL LOW
• RBA: SEE NEAR-TERM WEAKNESS IN HIGH-DENSITY DWELLING INVESTMENT, COULD "SOW THE SEEDS" OF PRICE UPSWING AT SOME POINT
• RBA: FURTHER GRADUAL LIFT IN WAGES GROWTH WOULD BE A WELCOME DEVELOPMENT
• RBA: OUTLOOK FOR CONSUMPTION GROWTH KEY UNCERTAINTY
• RBA: EXPECT GRADUAL PICK-UP IN HOUSEHOLD DISPOSABLE INCOME, HIGHER HOME PRICES TO SUPPORT CONSUMPTION GROWTH
• RBA: FURTHER MONETARY EASING "WIDELY EXPECTED" AROUND THE WORLD
• RBA: ESCALATION IN SINO-U.S. TRADE DISPUTE HAS INTENSIFIED DOWNSIDE RISKS TO GLOBAL GROWTH