MNI POLICY: The minutes of the Reserve Bank.....>

RBA: MNI POLICY: The minutes of the Reserve Bank of Australia's August board

meeting appeared to lean on the hawkish side, in contrast to the cash rate

statement and the Statement on Monetary Statement where the discussion of risks

appeared to be on the dovish side.

- -Household consumption has been a key element of the RBA's outlook because of

its implications for growth and inflation, and for the first time in a long

time, the RBA said some of the uncertainty around the outlook for consumption

has reduced. Growth in household disposable income due to increase in average

earnings per hour and hours worked, along with recent increase in minimum wages,

future tax cuts and expectations of a further tightening in labor market

conditions had all provided "more comfort" that household income growth would

increase gradually and support consumption outlook, the RBA said.

- For full story see MNI Main Wire at 02:32 BST 08/21, or contact us for full

access.