RBA Minutes: Australian Economy Continues Recovery

Members of the Reserve Bank of Australia's monetary policy board said the country's economic recovery is continuing at a solid pace with an upbeat outlook, minutes from the central bank's June 1 meeting revealed on Tuesday.

Wage growth and inflation remain low, the members agreed, while the bank's monetary stimulus continues to contribute to a lower exchange rate.

That said, the members expect the stimulus to be in place until employment stages a full recovery, which is not expected until 2024 at the earliest.

At the meeting, Australia's central bank left its key interest rate and the government bond yield target unchanged, as widely expected, as it will review the asset purchase program next month.

The board left its cash rate unchanged at a record low of 0.10 percent and also retained the target yield on the three-year Australian government bond at around 0.1 percent and also maintained the parameters of the Term Funding Facility and the government bond purchase program.

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