Below are the key details of the March RBA monetary policy statement, via Reuters, presented by Governor Phillip Lowe.
Board does not expect the employment and inflation target to be met until 2024 at the earliest.
The Board will not increase the cash rate until actual inflation is sustainably within the 2-3% target range.
The Board remains committed to maintaining the highly supportive monetary conditions until your goals are achieved.
The Australian dollar remains at the upper end of the range of the last few years.
The bank remains committed to the 3-year yield target of 10 basis points.
The Economic recovery in Australia is well advanced and stronger than expected.
The housing market has strengthened even more.
Homeowner credit growth for owner-occupiers has picked up, with strong demand from first-time home buyers.
Above trend growth is expected this year and next.
Investor credit growth remains subdued.
Pressures on wages and prices are moderate and they are expected to continue that way for a few years.
The bank will carefully monitor trends in home indebtedness and it is important that lending standards are maintained.
Later in the year it will be considered whether to keep the April 2024 bond as the target bond or move to the next maturity.
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