There is unlikely to be any change to the official interest rate when the RBA board meets on Melbourne Cup Day.


The minutes of the October board meeting indicate that RBA is broadly happy with the way employment is growing, consumer spending is holding up and non-mining investment is picking up.


The board is pleased that housing prices in Sydney appear to have eased and is happy about a “modest decline” in the growth of lending to investors.


However, it says that it’s “too early to be confident that these signs of slowing in housing price inflation would be sustained”.


Generally, the minutes suggest the economy is in better shape than it seems and that a further rate cut is not unnecessary.