20/12 Week, page-211

At least he is very consistent so we know where he stands- feel this is short covering rally on comments.

The Reserve Bank’s minutes from its December monetary policy meeting show the central bank sticking to the line that it won’t lift rates until it sees stronger wages growth.

RBA governor Philip Lowe: “We are yet to see a broad-based pick-up in wages growth.” Louie Douvis

The RBA did drop any specific reference to 2023 or 2024 as likely to be the years by which it expects macro-economic conditions to meet its criteria for an interest rate increase.

“The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range,” the minutes said. “This will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently. This is likely to take some time and the board is prepared to be patient.”