Expects that some further tightening of monetary policy may well be needed.

Board recognises that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt.

Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.

Board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook.

Path to achieving a soft landing remains a narrow one.

Australian banking system is strong, well capitalised and highly liquid.

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

Board remains alert to the risk of a prices-wages spiral.

Inflation has peaked in australia, goods price inflation is expected to moderate over the months ahead.

Labour market remains very tight.

As economic growth slows, unemployment is expected to increase.

Growth in the australian economy has slowed.