RBA minutes show readiness to raise rates on upside risks

Considered 25bp Rate Increase Or Holding Cash Rate Unchanged - Several Members Judged It Quite Possible Upside Inflation Risks Would Crystallise - Other Members Saw Offsetting Downside Risks And Some Time To Assess Incoming Data - Upside Risks Included Oil Prices, Cost Pass-Through And Data Centre Boom - Staff Research Suggested More Pre-Emptive Monetary Policy May Be Appropriate - Current Cash Rate Appeared To Be Bringing Economy Into Balance - Policy Appeared Sufficiently Restrictive To Return Inflation To Target In Reasonable Timeframe - Cash Rate At Top End Of Model- And Market-Based Neutral Estimates, Though Estimates Uncertain - Further Data Progress Needed For Confidence Inflation Will Return To Target - Inflation, Jobs And GDP Data Available By September Meeting - Faster Disinflation May Cause Less Labour-Market Harm Than Previously Thought - Falling Housing Prices Could Slow Economy - Inflation Risks May Be Balanced Rather Than Tilted To Upside