RBA Meeting Minutes

Revises June 2013 GDP Forecast To 2.75% Vs 2.5% to 3.5%
Spending on Mining Equipment, Exploration, Scaled Back
Cuts Forecasts for LNG Project Spending Over Next Two Years
Doesn't Comment on Monetary Policy Outlook
Fed Policy Was Too Tight In 2009
Taylor Rule Suggests Funds Rate Should Be at -2%
Current Fed Policy May Be Equivalent to -5% Funds Rate
Current Monetary Policy May Be Easier Than Thought
Revises June 2013 CPI Inflation Forecast To 3.25% Vs 2.5% to 3.5%
Mining Companies Reluctant to Commit to Iron Ore, Coal Projects
 Lower Growth Forecasts Reflect Slower Mining Investment
Tentative Signs Residential Construction Has Troughed
Unwinding of Govt Stimulus Denting Construction Sector
Government Spending Cuts to Subtract 0.75 to 1.5 Pct Pts From 2012-13 GDP
Cuts Forecasts for LNG Project Spending Over Next Two Years
Revises June 2013 GDP Forecast To 2.75% Vs 2.5% to 3.5%
Spending on Mining Equipment, Exploration, Scaled Back
Cuts 2012-2013 Year-Average GDP to 3.0% Vs 3.0% to 3.5%