RBA Minutes: Public Demand Expected To Be Weak

Members of the Reserve Bank of Australia's monetary policy board said that public demand is expected to be weak in the coming months, minutes from the central bank's July meeting revealed on Tuesday. A decline in mining investment is also expected, the bank said, while GDP figures to be slightly below trend for the next 12 months. The members added that the Australian dollar remains very strong, by historical standards, with little change to the global economy. "Overall, global economic conditions were little changed over the past month and were consistent with growth in Australia's major trading partners remaining close to the average of the past decade. Commodity prices had also been steady, but were well below levels seen earlier this year, the more so in Australian dollar terms given the appreciation of the exchange rate since then. Financial conditions globally remained very accommodative," the minutes said. At the meeting, the RBA maintained its benchmark cash rate at 2.50 perce
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