The RBA appeared before the House of Representatives Economics Committee today.
Here are some of the things its officials said:
Economic growth is likely to remain below trend for a couple of years.
Inflation is going to remains below the mid-point of its target till beyond the forecast horizon.
The unemployment rate is going to remain above the level associated with full-employment until at least the end of the forecast horizon.
Wages growth is likely to remain well below the long run average for many years, a point which will crimp household spending and bottom line GDP growth.
Yet, and here’s the ZINGER
The next move in interest rates is likely to be up!