RBA’s Debelle: There has not been any material upside surprise in inflation

Wages growth has been noticeably weaker than in many comparable economies

There has not been any material upside surprise in inflation

Will not raise cash rate until actual inflation is sustainably within target band

Need to see further significant gains in employment, lower unemployment rate

Need a tighter labour market to lead to higher wage rises

Do not expect these conditions to be met until 2024 at the earliest

State of economy is key determinant of policy settings, not the calendar

Decision on 3yr bond to take account of economy, financial conditions, other central banks

Need to be mindful that RBA bond purchases do not cause dysfunction in bond market

Number of tools to deal with house prices, monetary policy not one of them

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