The softer Australian inflation data at the end of July was pretty much the dealbreaker ahead of today's decision. As things stand, traders are not expecting any changes to the cash rate but all eyes will be on what the statement has to offer. The cash rate is expected to be held steady at 4.35% today with much of the forward guidance from before expected to remain too. Monetary policy is well placed to respond to developments and the Board is focused on its mandate to deliver price stability and full employment. It will do what it considers necessary to achieve that outcome, including increasing the cash rate target further if required."