Following are the key headlines from the June RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe.

Inflation in Australia has increased significantly.

Committed to doing what is necessary to ensure that inflation in Australia returns to target over time.

Higher prices for electricity and gas and recent increases in petrol prices mean that, in the near term, inflation is likely to be higher than was expected a month ago.

Size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market.

Today's increase in interest rates will assist with the return of inflation to target over time.

The Australian economy is resilient.

Resilience of the economy and the higher inflation mean that this extraordinary support is no longer needed.

Board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead.

Housing prices have declined in some markets over recent months but remain more than 25 per cent higher than prior to the pandemic.

One source of uncertainty about the economic outlook is how household spending evolves.

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