TD Securities' analysts note that the minutes from the RBA's July meeting indicate the Australian central bank will continue to monitor developments in the labour market and spare capacity and adjust monetary policy "if needed".

• “We find no indication in the July RBA Minutes that the Bank is considering cutting rates again in the near term. Interesting that the June minutes were a lot more direct regarding the prospect of further cuts when the Bank said: "Given the amount of spare capacity in the labour market and the economy more broadly, members agreed that it was more likely than not that a further easing in monetary policy would be appropriate in the period ahead." That urgency does not appear in today's Minutes and is consistent with the RBA moving to the sidelines for the next few months to assess the impact of rate cuts, tax payments and housing developments.”