Before we go any further, AUD/USD is barely moving .... Anyway, on with the SoMP headlines.
"The Board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve."
- says progress towards the bank's goals has been material, but significant uncertainties surround the inflation outlook
- Australia has been affected by these global inflationary pressures, but to a lesser extent than some other advanced economies
- upstream cost pressures in housing construction and durable goods are expected to push underlying inflation higher in the near term, but moderate over time
- if realised, staff inflation forecasts imply that the bank's policy goals would be achieved sooner than previously envisaged.
Forecasts:
The Statement on Monetary Policy sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. A number of boxes on topics of special interest are also published. The Statement is issued four times a year.
