Overview

• The board cut the cash rate by 25 basis points to 3.60% at the August 11–12 meeting, citing progress toward the 2–3% inflation target.
• Policymakers said some further reduction in the cash rate is likely over the coming year, with the trajectory not yet determined.
• The minutes outline cases for either gradual or faster easing, depending on incoming inflation and labour-market readings.
• Markets and major banks largely expect the next cut in November, with pricing and forecasts pointing to 3.35% and a September move seen as unlikely.
• The RBA will continue letting government bond holdings run off at maturity, while noting a still‑tight labour market, recovering demand, elevated insolvencies and global tariff risks.