An interesting excerpt from the RBA minutes released today, from...

An interesting excerpt from the RBA minutes released today, from the May 5 RBA meeting. I thought others would be interested in this positive news, especially coming from our own Central Bank. It was a significant factor contributing to the Board leaving our rates on hold.

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Board members noted that recent economic data suggested some improvement in confidence and economic activity.

"The strongest signs were in Asia, with production in China rebounding particularly quickly," the minutes said.

"While it was too early to be confident about the durability of this trend, the evidence was accumulating that the maximum rate of global economic contraction may have passed."

The board noted in the minutes that recent data in China had been positive, with output growth picking up in the March quarter and industrial production recently recording a "significant increase".