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

Inflation likely to remain low for some time.

Unchanged policy consistent with economic growth and CPI target over time.

Sees inflation picking up gradually over time.

Central forecast remains for faster growth in 2018.

Outlook for household consumption is a source of uncertainty.

Rising AUD would lead to slower economic pick-up.

Stronger economy should see some lift in wage growth over time.

Housing markets have slowed in Sydney, Melbourne.