October Meeting Minutes Underscore Guidance

At first glance the RBA's October meeting minutes have offered little in the way of fresh meaningful information, with the Bank's well-trodden forward guidance and glass half full approach at the centre of the messaging.

• The Bank underscores its forward guidance by noting that "wage and price pressures in Australia remain subdued. Members noted that while disruptions to global supply chains were affecting the prices of some goods, the effect of this on the overall rate of inflation in Australia was limited. Wages growth and underlying inflation were expected to pick up only gradually as the economy recovers."
• The uneven nature of the Australian economic recovery also remains at the fore.