A Tapering Sign?

We should highlight that the RBA removed the following phrase from its June statement: "The Board is prepared to undertake further bond purchases to assist with progress towards the goals of full employment and inflation." The passage re: that particular matter now reads as follows: "At the July meeting the Board will also consider future bond purchases following the completion of the second $100 billion of purchases under the government bond purchase program in September. The Board continues to place a high priority on a return to full employment." The omitted sentence resided between the 2 remaining sentences in the May statement. There seems to be 2 trains of though on the sell-side re: the matter:

1. The sentence wasn't required given the Bank's guidance on making a decision on the matter in July (a tidying up exercise if you will).
2. It presents a possible reference to tapering.

• Market reaction hasn't been particularly aggressive, but the longer end of the ACGB curve has moved to intraday cheaps in the wake of the decision, likely on the omission of this sentence. We will flesh this matter out in our RBA review, which will be published later today.