Board is committed to maintaining highly supportive monetary conditions.

Will not increase the cash rate until actual inflation is sustainably within the 2% to 3% target range.

Australian economy is recovering from the setback caused by the Delta outbreak.

Household consumption is rebounding strongly and the outlook for business investment has improved.

The omicron strain is a new source of uncertainty, but it is not expected to derail the recovery.

Leading indicators point to a strong recovery in the labour market

By mid-February, the RBA will hold a total of $350 billion of bonds issued by the Australian government.

Economy is expected to return to its pre-delta path in the first half of 2022.