No notable reaction in the AUD or.........>

AUSTRALIA: No notable reaction in the AUD or Aussie Bonds over the last hour or

so to the latest RBA SoMP, no particularly large surprises with the change to

the unemployment projection flagged earlier in the week, while the short term

minor moderation in the Bank's inflation outlook does little to change policy

stance.

- Commentary around wage growth remains muted.

- There was commentary on increase in money market rates locally but much of it

was similar to the May statement. Banks' funding costs have risen but remain

low, and the overall increase in funding costs is significantly less than the

20bps increase in Bank Bill Swap Rate (BBSW), the RBA said.