RBA: Growth expected to pick up to around 3%

Key headlines from the July RBA monetary policy statement:

The RBA held the official cash rate at 1.5% as expected by almost all analysts surveyed. 

One source of uncertainty for domestic economy is outlook for consumption

Expects gradual increase in underlying inflation

Recent rise in AUD weighing on outlook for output and employment

Drag following mining investment boom almost complete

Higher AUD is restraining price pressures

Growth expected to pick up to around 3%

Rising AUD would slow economy

Improving global economy boosting commodity prices, Australia’s national income