March qtr inflation increased confidence in forecasts that core inflation would pick up to around 2 pct by early 2018

Developments in labour and housing markets warrant "careful monitoring"

Members had in-depth discussion about changes in the composition of employment in recent decades

Recent data suggests economy expanded at a "moderate pace" in march quarter

Gdp still expected to pick up to be a little above 3 pct by h1 2018 as drag from mining investment wane, resources exports pick up

Utilities prices likely to increase in next few qtrs, could see second-round effects on cpi through upward pressure on business costs

Housing credit growth continue to outpace income rise, suggesting higher risks associated with household balance sheets