Other than the announcement of the election (finally) the main news item last week was a speech by RBA deputy governor Guy Debelle. As he mentioned in the speech, there is ongoing tension between the strong labour market, weak GDP data and business survey indicators that appeared to lie somewhere in between which allows the RBA to be patient on monetary policy.
With the RBA hoping to get a resolution on the tension in the data over the coming months, a near-term rate cut has a low probability but futures markets are still expecting at least one rate cut before year-end.
Offshore, the minutes of the last US Federal Reserve meeting show that the majority of board members expect the cash rate to remain on hold for the remainder of 2019. Several policymakers said that the next move in the fed funds could be up or down. Sound familiar?