Goldman Sachs reviews the September RBA meeting.

"The RBA raised the cash rate 25bp to 4.60%, in line with our and consensus expectations. The Monetary Policy Board's (MPB) decision was unanimous, with financial markets priced for 24.2bp of tightening prior to the meeting. The brief statement attending the decision retained a tightening bias and was in line with our expectations," GS notes.

"They hiked and maintained the tightening bias in the statement, saying they would increase the cash rate further if needed, but the press conference comments seemed less hawkish:...

That's consistent with our AUD view that ultimately, while the RBA hiking and being hawkish helps, it really is also a call on the broader risk backdrop, and China-specific risk in particular. That's one reason we've liked EUR/AUD downside from these levels," GS adds.