Research Team at TDS, notes that the RBA Deputy Gov Phil Lowe stuck to the script in Resilience and Ongoing Challenges, reiterating that the Bank has room to cut the cash rate further given low wage growth and low inflation. Key Quotes “He stressed again that productivity/efficiency gains are key to managing the rotation away from mining. On the AUD he said in Q&A “I think, like everyone, we would welcome a slightly lower exchange rate” but as has been the case since August, there was no formal attempt to jawbone the AUD lower. NAB’s Business Conditions and Confidence both rose over February. Conditions jumped to +8 from +5 with all 3 subcomponents - trade, profit and employment up. The forward indicators were all positive too - capacity utilisation hit the highest level since early 2012 and the capex index hit the highest level in 9 months. Business confidence held steady at +3, with all industries posting a rise, except mining and wholesale. Today’s survey suggests non-mining momentum is strong in early 2016.” For more information, read our latest forex news.