One line to watch for in the RBA statement

Watch out for an easing bias

The decision is at the bottom of the hour.

In March 2015, the RBA had an explicit easing bias and then cut in May. The statement before the cut said:

"Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target".

The March and April 2016 statements were less explicit but said.

"Continued low inflation would provide scope for easier policy, should that be appropriate to lend support to demand."

There was no clear guidance after the surprise cut in May.