Progress on unemployment and inflation likely to be gradual

AUD had fallen "a little" but still within range of past two years

Board noted household income growth had been subdued for past couple of years

Households with high debt more vulnerable to economic shocks

Downside risks to global growth had increased, trade tensions harmful

Rate moves had larger impact on disposable incomes for those with high debt

RBA noted rising funding costs at local banks, not clear how long this would last