Focused on bringing inflation to target within reasonable timeframe.

Possible that this can be done with the cash rate at its current level.

But there are risks inflation could return to target more slowly than forecast.

Board has low tolerance for allowing inflation to return to target more slowly than forecast.

Board will not hesitate to raise rates if there is a material upward revision to inflation outlook.

Board is mindful of policy lags and that consumption, inflation have slowed.

Board will get more information before its nov meeting, including updated forecasts.

Board is also seeking to maintain dual mandate of full employment.

A$ relatively stable in trade weighted terms, not a concern for policy.