RBA Statement on Monetary Policy states board does not see strong case for a change in rates in the near-term, adds outlook for inflation and unemployment mean higher rates are likely at some point

– Forecasts underlying inflation at 1.75% in December 2018 (Prev. 1.75%), 2.25% in December 2019 (Prev. 2.00%) and 2.25% in December 2020 (Prev. 2.25%).
– GDP growth to be above trend over forecast period and lifts 2018 average GDP growth forecast to 3.50% from 3.25%.
– Trade weighted AUD is contained by offsetting forces of increasing commodity prices and declining yield differential.
– Many Asian economies could be impacted by US-China trade dispute.