RBA: To ease policy if needed to support sustainable growth

Following are the key headlines from the September RBA monetary policy statement (via Reuters):

Outlook for global economy reasonable

To ease policy if needed to support sustainable growth.

Will monitor developments in labor markets closely.

Rates to remain low for extended period.

Risks to downside for global economy.

Signs of a turnaround in housing market, especially in Sydney and Melbourne.

Economy can sustain lower rate of unemployment.

The trade and technology disputes are affecting international trade flows and investment.

Central scenario for underlying inflation to be a little under 2 pct in 2020.

Global financial conditions remain accommodative.

A$ at its lowest level of recent times.

Inflation likely to be subdued for sometime.

Economic growth in Australia over the first half of this year has been lower than earlier expected

New home construction has weakened.

Looking forward, growth in Australia is expected to strengthen gradually to be around trend.

Outlook for consumption remains main domestic uncertainty.

Further lift in wages growth will be welcome.

Outlook supported by low interest rates, tax cuts, infra spending, house price revival, strong resource sector.

Labour data suggests economy can sustain lower rates of unemployment, underemployment.

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