A pre-emptive RBA rates strike

The Reserve Bank's last rate cut was clearly based on its concerns about Europe, but with domestic data still strong, a further reduction to the cash rate should not be expected unless offshore conditions implode.

The Reserve Bank minutes for its June board meeting shows that the decision to trim official rates by 25 basis points was finely balanced decision and how concerned the board members were about events offshore.

In fact that’s the expression – ‘’finely balanced’’ – that the board used to describe the arguments for and against a rate cut.

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