The release of the RBA's April meeting..........>

RBA: The release of the RBA's April meeting minutes provides the headline

Australian risk event today. The tweaks to the concluding paragraph of April's

statement drew attention, as the Bank noted that "the low level of interest

rates is continuing to support the Australian econ. Further progress in reducing

unemployment & having inflation return to target is exp., although this progress

is likely to be gradual. Taking account of the available information, the Board

judged that it was appropriate to hold the stance of policy unchanged at this

meeting. The Board will continue to monitor developments & set MonPol to support

sustainable growth in the econ & achieve the inflation target over time." This

was the first notable tweak to the concluding passage in ~2 years. The minutes

will be scoured for any deeper views re: the tweaks to the concluding passage.

- RBA Dep. Gov. Debelle spoke last week & disappointed the doves, offering

little new in terms of the Bank's assessment of the econ. Debelle noted that the

domestic challenge lies "in determining the current & future pace of growth in

the econ posed by the conflicting signals provided by the labour mkt, GDP data &

biz surveys."