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

To ease policy if needed to support sustainable growth.

Rates to remain low for extended period.

Will monitor developments in labor markets.

Lower cash rate has put downward pressure on A$.

Low rates are boosting asset prices which should lead to increased spending.

Scenario for Australian economy to grow by 2.75% this yr; 3% next year.

Central scenario for underlying inflation to be close to 2% in 2020.