* The RBA retain a mild easing bias. But comments in general were evenly balanced.
* Further changes to the cash rate are data and AUD dependent.
* We believe that the RBA is reluctant to cut rates again and would prefer to see further monetary condition easing come via a lower AUD.
* But the AUD remains elevated due, in part, to significant monetary policy stimulus still being applied in the US.
* We continue to think that the current 2.5% cash rate is the low point for this cycle.
Read the full report: Economic Research
Commonwealth Bank