Banks slump as investors turn to miners; RBA minutes

The Australian sharemarket has closed flat after opening higher, as strong gains in healthcare and materials were offset by a second straight day sell-off in bank shares, seeing investors moving towards the miners. For more, Stephanie Youssef spoke with Todd Hoare, the chief investment officer at LGT Crestone. Plus, the Reserve Bank has revealed its reasoning behind its decision to keep interest rates on hold at July’s board meeting, saying lowering them wouldn’t have been consistent with its strategy of easing monetary policy in a “cautious” approach. Independent economist Chris Richardson says it means an August rate cut is likely.