Goldman Sachs economists say the Reserve Bank of Australia's September policy
minutes were more hawkish than the post-meeting press conference and may have
lowered the threshold for a November rate move. The minutes highlighted
heightened concern about domestic capacity pressures and treated
stronger-than-expected July CPI as supporting evidence. Goldman still expects
the cash rate to remain at 4.60%, but says the minutes reduce the hurdle for a
November hike, with the decision to depend on Q3 CPI.