holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time

low level of interest rates is continuing to support the Australian economy.

RBA expect further progress in the reduction of unemployment and inflation returning to target, although this progress is likely to be gradual.

still expects the Australian economy to grow by around 3 percent this year, reflected by rising business investment, higher levels of spending on public infrastructure and increased employment.

underlying inflation is forecast to pick up over the next couple of years, although the acceleration is likely to be gradual and could take a little longer than earlier expected.

RBA retained its forecast for underlying inflation at 2 percent for this year and 2.25 percent for 2020.

growth in credit extended to owner-occupiers has eased and the demand by investors has slowed noticeably due to changing dynamics of the housing market