Australia's economic growth is reasonably solid

There is, little reason to expect the RBA to have shifted its assessment of the economy if anything, any latent easing bias should have been reduced given the considerable amount of new information that has emerged since the RBA's June meeting. 

The Q1 GDP report, though a backward-looking, indicated growth well above the long-run average at 3.8% qoq annualised, driven again by net exports. 

Admittedly, growth over the past year was only 2.3% and final domestic demand is growing at just under 1% yoy, but the fact remains that despite persistent steep declines ininvestment and weak public sector spending, GDP expanded solidly at the start of the year.

Similarly, the labour market is coping well with the transition away from resource investment, and employment rates are in line with the growth rate of the labour force, keeping the unemployment rate stable at just below its cyclical high.