Aug 17 (Reuters) - Australian shares hit a more than one-month low on Thursday led by the losses in banks and commodity stocks, while telecoms major Telstra dropped after reporting annual earnings. The minutes of the U.S. Federal Reserve's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty about the interest rate outlook. Origin Energy ORG.AX, which is a takeover target for Brookfield led-consortium, posted its best intra-day gain since March 27 after reporting a higher profit and flagging an positive outlook.