Australia’s 10-year government bond yield slipped to 4.42%, extending its decline from the previous session even after the Reserve Bank signalled a cautious policy outlook. Minutes from the RBA’s latest meeting showed that policymakers would only consider cutting interest rates if the labour market materially weakens. While the board noted that current monetary settings remain “slightly restrictive,” it also acknowledged that it was possible this was longer be the case, reducing the scope for additional easing. Data released today showed that annual wage growth held steady at 3.4% in the third quarter, matching expectations and reinforcing the view that the labour market remains tight. Still, markets assign a 50% chance of one final rate cut from the RBA by May next year.

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