### Bank Views (3/3) TD Securities: Consensus...>

RBA: ### Bank Views (3/3) TD Securities: Consensus expects an unchanged 1.5%

cash rate and a neutral bias. We expect an on-balance upbeat tone about global

and domestic economic activity. The reference to forecasts will be dropped as it

is not a forecast meeting. Last month the Minutes added "the need to balance the

risks associated with high household debt in a low-inflation environment"

highlighting divergent.

- Goldman Sachs: We and consensus expect the RBA to remain on hold with a

neutral policy stance. Recent RBA communications have issued clear neutral

guidance, and while the growth backdrop has continued to improve, inflationary

and wages pressures remain subdued overall. In turn we expect the start of the

tightening cycle in Australia will be deferred to early 2018 (February: +25bp;

60% cumulative probability).

- SocGen: Expect RBA to remain on hold, adduce historically strong AUD. Say they

expect stronger growth, but below target inflation and low wage growth mean the

RBA can keep super accomodative policy. Expect first hike in Q3 2018.