According to Jinshi Data, the minutes showed that the Reserve Bank of Australia showed a slightly dovish attitude at its December meeting. Capital Economics economist Surya said that although labor market conditions have gradually eased, underlying inflation is still described as too high.
Suriya pointed out that the RBA has almost never cut interest rates when underlying inflation is above the 2%-3% target. He believes that unless there is a major downward surprise in the fourth quarter CPI data, it is unlikely that a rate cut will be made before May.
