RBA: Low rates are supporting the economy

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

Low rates are supporting the economy.

Progress on unemployment, inflation expected to be gradual.

Household consumption remains a source of uncertainty.

Housing markets have slowed in Sydney, Melbourne.

Wage growth remains low.

Pickup in wages expected to be gradual.

GDP growth to average a bit above 3% in 2018, 2019.

Business conditions are positive.

Some lenders have raised mortgage rates but average rate still lower than a year ago.

AUD remains in range of past couple of years.

AUD has fallen against USD, along with most other currencies.

Economy estimated to have grown above trend in 1H 2018.