The Reserve Bank of Australia stands ready to cut interest rates if necessary.

But the minutes of the September 4 meeting of the RBA board give no strong hint that the economy has reached that point.

Three themes emerging most strongly from the minutes of the monetary policy meeting, released on Tuesday, were the persistently high Australian dollar, the falls in commodity prices chipping away at mining investment plans, and a deterioration in the global economic outlook.

But they don’t yet make a strong case for lower rates.