RBA: Committed to doing what is necessary to ensure inflation returns to target over time

Following are the key headlines from the May RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe.

It also increased the interest rate on exchange settlement balances from zero per cent to 25 basis points

Committed to doing what is necessary to ensure that inflation in Australia returns to target over time

Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support

This will require a further lift in interest rates over the period ahead

more to come ...