They are indeed. The consensus amongst analysts though is for a rate hike in June, not May.
Anyway, Headlines via Reuters:
inflation had picked up and a further increase was expected, with
measures of underlying inflation in the march quarter expected to be
above 3 per cent.
had remained resilient and spending was picking up following the
setback caused by the outbreak of the omicron variant
wages growth had
also picked up but, in aggregate terms, had been below rates likely
to be consistent with inflation being sustainably at the target.
strength of the
Australian economy was evident in the labour market
have brought forward the likely timing of the first increase in
over coming months,
important additional evidence will be available on both inflation and
the evolution of labour costs
members noted that
higher prices for petrol and other commodities would result in a
further lift in inflation over coming quarters
members agreed that
financial conditions in Australia remained highly accommodative
The comment on wages growth points to an RBA still without a sense of urgency to hike the cash rate.
Link to full text:
Minutes of the April 2022 Monetary Policy Meeting of the Reserve Bank Board