The RBA also revealed it is wary of the inflating house market, but it wanted to wait for new data before loosening the cash rate even further.
“On the basis of the current forecasts for growth and inflation, members were of the view that a case to ease monetary policy further might emerge,” the minute reads.
“Risks in the household sector continued to be centred on housing and mortgage markets. The composition of these markets remained skewed to investor activity, especially in Sydney. Members noted that, at the margin, the recent decline in interest rates could boost the housing market, including prices.”
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