Reserve Bank of Australia monetary policy meeting for May 2021 , minutes.

Headlines via Reuters :

  • conditions for rate rise considered unlikely until 2024 at the earliest
  • no rate rise until actual inflation sustainably in 2-3% target band
  • board willing to extend bond buying if needed, no need to change yield target
  • to decide in July whether to roll over to Nov 2024 bond, extend bond buying
  • return to full employment a high priority for monetary policy
  • policy to remain highly accommodative for some time yet
  • monetary policy helping keep a$ in a narrow range despite rising commodity prices
  • unemployment seen at 4.5% by mid-2023, to put only modest upward pressure on wages
  • wage growth would need to be "sustainably" above 3% to meet inflation target
  • public sector wage policies to restrain overall wage growth in economy
  • inflation pressures subdued in most parts of economy, to increase only gradually
  • important to maintain home lending standards amid rising house prices, strong demand
  • few signs major miners planning to expand investment in iron ore output in response to price surge
  • disruptions to global supply chains to be more persistent than realised, adding to inflation

more to come

full text: Minutes of the May 2021 Monetary Policy Meeting of the Reserve Bank Board