RBA Minutes from March meeting stated that board members agreed financial conditions needed to be restrictive and that a further tightening would likely be needed but disagreed on whether to hike at the meeting

Says:

• Agreed it is not possible to predict the future path of the cash rate with any confidence given the Middle East conflict.
• Rise in oil prices increased risk inflation would remain above target for a prolonged period.
• Oil prices around USD 100 would lift annual CPI inflation to around 5% in the June quarter.
• Rate hike could reduce the risk oil shock would flow into inflation expectations.
• Longer Middle East conflict could impact inflation and the economy.
• Majority felt it important to demonstrate clear commitment to return inflation to target.
• Majority judged financial conditions were insufficiently restrictive, even accommodative.
• Minority saw risk domestic consumption could be weaker than forecast and labour market looser.
• Minority wanted to wait for more information, even if rates would likely need to rise at some point.
• Minority was concerned that uncertainty caused by the Middle East could impact the economy.