Can anyone make sense of this from the RBA SomP?

The Reserve Bank of Australia May 2019 Statement on Monetary Policy post is here:

• RBA SoMP downgrades economic growth and inflation outlook for Australia

I highlighted the bit where the Bank said its forecasts are based on two rate cuts. And asked, well, where are they?

Anyway …. another point causing confusion is the final paragraph of the overview:

• At its recent meeting, the Board focused on the implications of the low inflation outcomes for the economic outlook. It concluded that the ongoing subdued rate of inflation suggests that a lower rate of unemployment is achievable while also having inflation consistent with the target. Given this assessment, the Board will be paying close attention to developments in the labour market at its upcoming meetings.

In particular the bolded sentence. It does not make sense.

The only way it would make sense is if the target was lower, then the RBA could say inflation consistent with the target.

Ah well, the takeaway I am noting for the SoMP is the outlook is based on lower interest rates (see original post linked above for this). TBH, though, given the RBA's lack of movement I ain't holding my breath.

Next meeting is June 4.