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.

Prices of many commodities have increased further due to the war in Ukraine.

Australian economy remains resilient and spending is picking up following the omicron setback.

Wages growth has picked up but, at the aggregate level, is only around the relatively low rates prevailing before the pandemic.

Pick-up in wages is still expected to be only gradual.

How long it takes to resolve the disruptions to supply chains is an important source of uncertainty regarding the inflation outlook.