RBA's Debelle: The Outlook For The Australian Economy speech's headlines

 RBA's Debelle has been hitting the wires with a speech on the outlook for the Australian economy.

Key Quotes:

If the Australian economy continues to evolve as expected, higher rates likely at some point

• Board view is holding cash rate steady would help reduce unemployment, increase inflation over time.
• Central forecast for Australian economy to grow a little faster in 2018, 2019 than last year.
• Important uncertainty relates to household balance sheets.
• Had been concerned our forecast may have been little optimistic, but now more confident in it.
• data suggests wage growth has troughed.
• Sees signs of wage pressures emerging but they remain localised for now.
• See risks it may take lower unemployment rate than we currently expect to generate wage pressures.
• Sees slower credit growth due to tighter bank lending standards, sees no implication for consumption outlook.
• Effect of higher money market rates "Not been that large" for banks to date.
• Higher money market rates not a "Consequential development" from a forecasting point of view.
• Money market rates have declined noticeably in last couple weeks, will continue to monitor.
• Global growth good, but no economy growing much above trend.
• Headwinds for global growth have abated, not clear they have yet switched to be tailwinds.
• Current tensions around trade policy a "Significant risk" to global economy.