Rates aren't moving anytime soon: RBA

As it has in previous months, the minutes showed the RBA would give plenty of warning if rate hikes were likely.

Looking at all factors of the economy – a hot house market, a high dollar, and unemployment above six per cent – it said "the most prudent course was likely to be a period of stability in interest rates".

The surprise, however, was the tempering of language around macroprudential tools to cool the market, particularly around investors.

Last month's minutes stated: "Policy [is] also needed to be cognisant of the risks to future growth that could accompany a large further build-up in asset prices, particularly if that was associated with an increase in leverage". Which, put simply, meant the RBA was putting lenders on notice regarding the size of loans and LVRs.

However, the only reference to lenders and loans in October's minutes was: "Members discussed the importance of lenders maintaining strong lending standards and the ongoing dialogue between the Bank (RBA) and APRA on the matters."

The comments were most likely a result of a slight cooling in property prices across the country over September.

Again, unemployment remained a concern, or "spare capacity in the labour market" as the RBA euphemistically describes Australia's 6.1 per cent unemployment rate.

The falling Australian dollar and a "likely increase" in non-mining investment over the coming financial year were cited as pluses, while the international outlook – particularly among Australia's chief trading partners – was described as "a little above average in both 2014 and 2015".

[Related: Rates to stay low for 10 years, says lender]