If economy improves as expected, higher rates likely to be "appropriate" at some point

Growth forecasts unchanged, inflation and unemployment nudged up in near term

A "significant" appreciation in the a$ would dampen growth and inflation

Underlying inflation forecast at 2 pct dec 2018 to dec 2019, rising to 2.25 pct by mid-2020

Unemployment forecast at 5.5 pct end 2018 (from 5.25 pct), 5.25 pct out to mid-2020

Economy not expected to face broad-based capacity constraints "for some time"

Significant escalation of trade protectionism could derail global growth