"The current moisture levels and the outlook for the coming 2021/22 Australian grain winter crop are looking good in most areas so far and may well continue to improve," Ole Houe, a director at brokerage IKON Commodities in Sydney, said.
"Participants noted that it would likely be some time until substantial further progress toward the committee's maximum-employment and price-stability goals would be realised," the minutes said.
The bank, one of Australia's Big Four lenders, said net profits for the quarter ending December 31 were Aus$1.7 billion (US$1.3 billion), comparable to the same period in 2020.
National Australia Bank's Ray Attrill said that traders were a long way from worrying about the possible negative aspects of Biden's presidency, such as tax hikes and re-regulation.
International borders remain shut, however, while small virus outbreaks in parts of the country from time to time has led to an uneven and bumpy economic recovery.
Even so, the mood could shift quickly, NAB's Catril warned, forecasting that the pound could climb to $1.50 next year if a last-minute Brexit agreement gets done.
Japan has booked a trade surplus of 366.8 billion yen ($3.5 billion) in November, the fifth consecutive monthly surplus, according to data released by the finance ministry before the opening bell, which prompted little reaction from investors.