RBA minutes: wage growth remained subdued

Minutes of the monetary policy meeting of the Reserve Bank of Australia board was released, and as widely expected, a non-market event considering how much has already been said from various officials over the last couple of week's and since the previous meeting.

Key statements as follows:

• Low rates helping reduce unemployment, lift inflation.
• Further progress on inflation likely to be only gradual.
• RBA repeats rising a$ would impede pick up in economic growth, inflation.
• A$ TWI still within narrow range of past couple of years.
• Underlying inflation is seen rising gradually to 2.25 pct by mid-2020.
• Strong price competition in the retail sector expected to last for few years yet.
• Wage growth remained subdued despite strong employment, recent deals to weigh on.
• Pick up in household incomes needed to support consumption, risks to the downside.
• Tighter mortgage lending rules had helped contain housing risks.
• High household debt levels still warranted careful attention.
• Housing market conditions had generally eased, especially in Sydney.
• Global growth could continue to surprise on the upside given synchronised upturn.
• Global financial conditions accommodative despite recent volatility in equity markets.