RBA: Inflation seen higher in 2019/20 than currently

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

Low rates are supporting the economy.

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

Unchanged policy consistent with sustainable economic growth.

Policy consistent with meeting CPI target over time.

Inflation seen higher in 2019/20 than currently.

Wage growth remains low, likely to continue for a while.

Inflation data in line with expectations.

Headline CPI to be lower than earlier expected in 2018.

Housing markets have slowed in Sydney, Melbourne.

Tighter bank regulations have helped contain housing risks.

AUD remains in the range of past couple of years.