The share market halved its first advance in three sessions after the RBA signalled rate hikes ahead if inflation takes too long to subside.
The ASX 200 slashed an initial advance of 74 points to a final tally of 30 points or 0.42%. Tech stocks, REITs, miners and banks kept the market in the green.
Retailers turned negative after the minutes of the first RBA meeting under new Governor Michele Bullock suggested the current rates cycle may not be over.
While much of the language was unchanged from the last meeting under Philip Lowe, a new sentence warned, "The Board has a low tolerance for a slower return of inflation to target than currently expected." The change in language suggested the board is increasingly concerned about recent signs that inflation has stalled at twice the bank's target level, putting a November rate hike back on the table.
Today's rally followed a strong night in the US as the start of a new corporate earnings season temporarily overshadowed tensions in the Middle East. The S&P 500 put on 1.06% during its best session since August.
