Lower rates to hold AUD lower than otherwise
spare capacity likely to remain in labour market for "some time"
lower borrowing costs to free up cash for consumer spending
Board recognised uneven effect of lower rates on different households
extent of spare capacity meant rate cut unlikely to lead to risky rise in borrowing
labour demand being met by rise in participation, rather than fall in unemployment rate
Board saw prospects of lift in household income, support from tax rebates signs of stabilisation in Sydney, Melbourne housing markets
funding costs for major Australian banks had reached historic low
retail data suggested discretionary spending remained soft in Q2
Board noted significant change in outlook for monetary easing globally, esp US
risks from trade disputes remained high, inflation subdued in developed world
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