RBA Minutes failed to deliver anything new, Aussie unchanged

The RBA Minutes for the month of March were released and we have seen a muted response from the market in the Aussie thus far.

The main takeaways are:

• The rising dollar complicates economic transition,
• House Prices are strong in Sydney and Melbourne,
• The GDP 1.1% result was above expectations for the Dec quarter,
• Non-mining investment had risen in the Dec quarter,
• Household Consumption growth picked up, steady policy is consistent and economic growth to accelerate over next to years gradually,
• Slow growth in incomes could restrain consumption given high debt levels,
• Soft GDP wage measure suggests very little labour cost pressure in economy,
• Wages growth, underlying inflation expected to rise only gradually,
• Still difficult to assess momentum in labour market...