- Appropriate to leave rates unchanged at September 1 meeting
- Weak Q2 growth expected, see some signs of improvement
- Despite improving labour demand, spare capacity and wage pressures still weak
- Growth expected to stay below average, but members saw improvement in recent months
- Lower AUD due to significant declines in key commodity prices expected to support growth
- Would review upcoming data to judge if rates remain appropriate
- Very low rates to support dwelling investment and consumption growth
- There were indications that APRA measures had slowed investment house lending
- Will continue to work with other regulators to contain any housing market risk
- Inflation seen remaining consistent with target over next one to two years
- Non-mining business spending subdued in near-term, but expected to pick up over time
- Noted global stock market volatility had not impaired functioning of other markets
- Recent policy measures to support activity in China had not yet had their full impact