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RBA: VIEW: Westpac on the RBA's Nov meeting minutes:
- This is a balanced set of minutes but does indicate more confidence from the
Board around its growth, employment, wages and inflation views. The outlook was
also boosted by the expectation that consumption and income growth will hold at
3% despite slowing employment growth, and risks around the housing market in
Sydney and Melbourne. By noting that market pricing is not expecting a policy
adjustment for the next year, the Bank does appear to be extremely patient with
its next policy move. Westpac expects that their growth forecast for 3.25 per
cent growth in 2019 is too high, mainly because of an expected downturn in
residential construction, a slowdown in consumption growth associated with
weaker income growth and some wealth effects. That development alone is likely
to take the edge off the expectation of rising wages and higher inflation. We
retain our view that the cash rate will remain on hold in 2019 and 2020