Resolute in its determination to return inflation to target.

Board expects that further tightening of monetary policy will be needed.

The monthly CPI indicator suggests that inflation has peaked in Australia.

Services price inflation remains high, with strong demand for some services over the summer.

Board is seeking to return inflation to the  2–3  per cent target range while keeping the economy on an even keel, but the path to achieving a soft landing remains a narrow one

Growth in the australian economy has slowed.

There is uncertainty around the timing and extent of the slowdown in household spending.

Household consumption growth has slowed due to the tighter financial conditions.

Uncertainties mean that there are a range of potential scenarios for the Australian economy.

Labour market remains very tight, although conditions have eased a little.

Wages growth is continuing to pick up in response to the tight labour market and higher inflation.

Recent data suggest a lower risk of a cycle in which prices and wages chase one another.

Board, however, remains alert to the risk of a prices-wages spiral, given the limited spare capacity in the economy and the historically low rate of unemployment.