RBA Monetary Policy meeting Minutes

The RBA released the minutes from their last meeting to discuss monetary policy yesterday. The three pages give a good insight to their take on the global and domestic economy at present. The text can be found at the following link:

http://www.rba.gov.au/MonetaryPolicy/RBABoardMinutes/2009/rba-board-min-01092009.html

I've pasted below what I found to be a couple of key paragraphs;

Considerations for Monetary Policy
The information presented to members showed that the situation in the global economy was continuing to improve. Of most significance to Australia, the Asian region had recorded strong growth in the June quarter. While this had been largely driven by domestic demand in these economies, reflecting strong economic stimulus, there were also recent signs of a pick-up in their exports. Outside Asia, most economies had experienced another fall in GDP in the June quarter, though more recent information suggested that the majority of these economies were now approaching a turning point.
An important question for members was whether the global economic improvement would be sustained, or whether it was mainly a reflection of the strong macroeconomic stimulus that had been applied over the past year and might in due course fade. Members were also conscious that, even though financial market conditions had improved significantly and debt markets were beginning to function again, banks, corporates and households in many countries still faced significant balance sheet adjustments. This too could serve to limit growth.
Members concluded on balance that the global economy was most likely on a sustained, if modest, recovery path, though it was still too soon to be confident of this assessment.
On the domestic economy they noted that credit tightness and increase in market interest rates may put a brake on the economy and that wages growth was subdued meaning it wasn't threatening inflation. Underlying inflation was acknowledged however as still being quite high so any growth returning that put pressure on inflation would be met with a rise in the cash rate.