RBA Minutes: Outwardly concerned about housing market - SocGen

Analysts at Societe Generale note that the RBA is much more outwardly concerned than the PBoC about its housing market as depicted in the minutes of its latest meet.

Key Quotes

“The Minutes of their last meeting highlight the Jekyll and Hyde nature of the economy with housing in Melbourne and Sydney that’s far too strong and a labour market nationally that is losing momentum. ‘Macro-prudential’ policies for the first problem and rate inaction for the second appears the most likely prescription so while the AUD is softer this morning, it’s mostly meandering in a range. We’d like to buy AUD/NZD under 1.05 but we may not get a chance.”