RBA Minutes: The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024

“The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024,” the Reserve Bank of Australia (RBA) July meeting’s minutes revealed on Tuesday.

Additional takeaways

Board remains committed to maintaining highly supportive monetary conditions

Recovery in the labour market had continued to be faster than expected

Will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range

The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024

Meeting rate hike conditions will require labour market to be tight enough to generate "materially higher" wages growth

Outcomes for the nominal side of the economy had not been as positive

 

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