The last cash rate decision was likely down to the wire and the minutes from the board meeting will reveal precisely how finely balanced it was.
The Reserve Bank board opted to keep interest rates on hold last month at 4.1 per cent.
The pause followed 400 basis points of hikes since May last year as the central bank took on a surge in inflation.
The minutes, due on Tuesday, are expected to show a conflicted call between another 25 basis point hike and staying on hold as the RBA approaches the end of its hiking cycle.
There may not be much more to glean from the document, given the governor, Philip Lowe, offered a few remarks on the July decision during a speech last week.
Most economists agreed the governor was less insistent about the need for more interest rate hikes in his speech but more tightening has not been ruled out.
The central bank will critically get fresh data on the labour market as well as the quarterly inflation reading ahead of the August decision.
The board will be looking for signs inflation is coming down convincingly, after it grew seven per cent annually in the March quarter.
An easing labour market will also be welcomed by the RBA as a sign its interest rate hikes are weighing on demand and slowing economic activity, as intended.
The unemployment rate actually fell back to 3.6 per cent in May, from 3.7 per cent in April.
© AAP 2023
