Analysts at TD Securities note that this month's RBA Statement reads as pretty much a copy of last month's statement.

• “For now, the RBA is keeping the faith that growth is expected to pick up, which is what they said last month and they repeated that domestic consumption outlook remains uncertain, which we will only get some more clarity on when GDP is published tomorrow.
• As such, the RBA kept room to ease monetary policy further 'if needed'. While the RBA is in no perceived rush to cut given commentary from RBA Gov ("gentle turning point) and Assistant Gov Kent stating that financial conditions should ease, the mkt will look to tomorrow's read on private consumption in GDP to validate and confirm the RBA's view.”