VIEW: Westpac on the RBA's Nov meeting..........>

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