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RBA Minutes: Current Monetary Policy Stance Should Support Inflation

Members of the Reserve Bank of Australia's Monetary Policy Board said that the bank's current monetary policy stance should help inflation get back to the prescribed midpoint, minutes from the March 5 meeting revealed on Tuesday.

The global economy grew above trend in 2018, the minutes said - while in Australia, private sector wage growth also picked up steam.

The present monetary stance also continues to help strengthen the labor market, and it's been deemed appropriate and likely to be unchanged in the near term.

At the meeting, the board voted to maintain the cash rate at the record low of 1.50 percent. The interest rate has remained at the current level since August 2016.

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