At its meeting today, the Reserve Bank Board decided to leave the cash rate unchanged at 1.50 per cent.
The full statement supporting the decision by Philip Lowe, Governor of the RBA, can be found here
https://www.rba.gov.au/media-releases/2019/mr-19-11.html
The summary comments though are below, and state that the Bank will be paying close attention to the labour market for decisions in coming months. This would suggest they see the labour market as the key to shifts in the broader economy.
“The Board judged that it was appropriate to hold the stance of policy unchanged at this meeting. In doing so, it recognised that there was still spare capacity in the economy and that a further improvement in the labour market was likely to be needed for inflation to be consistent with the target. Given this assessment, the Board will be paying close attention to developments in the labour market at its upcoming meetings“