The minutes from the central bank's monetary policy meeting two weeks ago have been released.
"On balance, while members remained concerned about the current rate of inflation and the uncertainties about the outlook, the increasing signs that demand was slowing suggested that the existing policy setting was exerting the appropriate degree of restraint,'' the minutes said.
High petrol prices, significant decline in growth for both household and business credit, interest rates rises by banks independently of RBA - all these factors show that economy is slowing down and taking pressure from RBA to rise official interest rates again. The only concern is inflation as it sits at 4.2% and is well above of RBA's comfort zone (2-3%). But it seems RBA are ready to cope with it for a while so rate rise is unlikely when RBA meets on August.