Wrapping up a two-day policy meeting, the Reserve Bank of Australia said the board judged it was appropriate to remain cautious on policy, but was well-placed to respond to international developments. Markets had seen scant chance of a further easing this week after a strong second quarter GDP report and a high monthly inflation reading that argued for a measured pace of policy easing. “The board judged that it was appropriate to remain cautious, updating its view of the outlook as the data evolve. It has said the pace of further policy easing depends on the flow of data. The central bank judged the labour market was close to full employment but there is still tightness in some industries.