Тhe RBA stated it observed a slowdown in global trade based on the rising tensions on international level as Trump renewed his verbal attack on China coupled with the recent slump in Chinese growth despite the moderating and accommodative effect that the country's targeted measures stimulus have had on the global financial conditions. In regards to the state of affairs of the national economy, the RBA had this to say:
"Domestically, members noted that the sustained low level of interest rates over recent years had been supporting economic activity and had contributed to a decline in the unemployment rate. However, household income growth had remained low. […] After updating the forecasts for the new information, the central forecast scenario remained for progress to be made on the Bank's goals of reducing unemployment and returning inflation towards the midpoint of the target, but at a more gradual pace than previously expected" [source]
The Reserve Bank of Australia is struggling to stimulate spending in the national housing market, which is still lagging behind the forecasts, despite the sustained growth in personal income (you can observe the growth in Australian personal income rates here). This apparent struggle to stimulate sustainability in the long-term has been curbing heavily on the expectations for the future growth of the Australian economy and for that reason, the RBA might be compelled to consider the implementation of a more decisive monetary policy shortly if the overall performance continues to disappoint.
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