RBA Minutes, the highlight today

The RBA Minutes are the highlight today, and there is little else on the calendar. Recall that the message from the April RBA meeting contained a clear easing bias, so the focus for today's Minutes will be on any clarity around how soon a cut may come. 

The main arguments for a rate cut either coming sooner or later on the horizon should revolve around below-trend growth with low inflation, but should also address lingering financial stability concerns.

RBA Governor Stevens spoke at an event in New York overnight, and his comments foreshadowed much of what we will likely see in this morning's RBA Minutes. 

The main headlines from his speech were that rate cuts are 'on the table', and also that he would 'be surprised if AUD doesn't go down some more'. 

He also diminished some of the argument against rate cuts from a lofty housing market by pointing out that the firm Sydney house prices trends are quite different from the rest of the property market.