VIEW: CBA note that "a solid set of labour......>

RBA: VIEW: CBA note that "a solid set of labour market numbers combined with a

general run of upside data surprises so far in January means that the RBA rate

cut pencilled in for February looks less likely. The job numbers are a heavy

focus for policy makers and the soft downtrend in unemployment through Q4 is a

better outcome than envisaged by the RBA. Next week's CPI, however, will remind

everyone that inflation remains sub target. And even at 5.1% we are still a long

way from full employment (4.5%). Underemployment also remains stubbornly high.

So it's too soon to say rate cuts are done. Bottom line: we have removed the

February rate cut in our forecasts and pushed it back to April."