Overview

• The board left the cash rate at 3.60% at its September meeting after three quarter‑point cuts this year, stating there was no need for an immediate reduction.
• Minutes describe policy as still a little restrictive, with rising home prices and loan approvals suggesting earlier easing is starting to feed through while consumer demand shows signs of recovery.
• Monthly CPI reached 3.0% in August from 2.8%, and July–August readings point to upside risk for third‑quarter inflation, particularly in services and home building costs.
• Labour market conditions remain somewhat tight with unemployment at 4.2%, though members flagged a risk that private‑sector wage growth could slow more than expected.
• Markets price roughly even odds of a November cut and higher chances for December, with analysts saying a softer core CPI could clear the way for easing while a firmer print would likely delay it.