The minutes from the RBA's October MonPol.......>

RBA: The minutes from the RBA's October MonPol decision reiterated that the next

move in the cash rate is likely to be an increase, and that there is no strong

case for an adjustment to MonPol in the near term. The Bank also noted that the

depreciation in the A$ was likely helpful for economic growth, and that data

point to solid GDP growth in Q3, although growth will likely to moderate from

the pace observed in H118. The Bank still remained cautious stressing that

uncertainty surrounding the consumption outlook is still an important

consideration.

- The Bank noted that "growth in unit labour costs .. had been subdued for a

number of years .. and had led to downward pressure on underlying inflation."

However, this came after the Bank highlighted that "Job vacancies had increased

a little in Q3 & had remained historically high relative to the size of the

labour force. Taken together with other leading indicators of labour demand ..

this continued to suggest that employment growth would exceed population growth

in coming months, which was expected to result in further gradual absorption of

spare capacity in the labour market."