Goldman Sachs preview of the Reserve Bank of Australia minutes due at 0130GMT
- The market will be focused on how the RBA interprets the hawkish shift across several global central banks over the past month.
- On the domestic data front, retail conditions have continued to recover, business sentiment remains at a decade high, and exports have normalised off earlier weather-related weakness, while on the housing front the moderation in investor lending to date appears limited in the context of a combination of out-of-cycle hikes and macroprudential policies.
- In turn, we remain comfortable with our expectation of a more explicit tightening bias by the RBA towards the end of the year, as global bond yields rise further and domestic wages/inflation pressures continue to build.
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