The Reserve Bank of Australia has published The Reserve Bank's Corporate Plan for 2019/20
(full thing can be accessed here)
What is it?
- plan outlines the key functions and purposes of the Bank
This on monetary policy:
You'll notice the inflation goal. The 'over time' bit gives them some flexibility. I do not believe this extends to missing target for four years but obviously the RBA differ with me on this.
Buried in the text is this:
Movements in asset values and leverage may be more important for economic developments than in the past given the already high levels of debt on household balance sheets. Especially in the context of weak growth in household income, high debt levels could complicate future monetary policy decisions by making the economy less resilient to shocks.
Bolding mine. I read that as rates to come will be lower than otherwise.
