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

Low rates supporting economy.

Progress on unemployment, inflation expected to be gradual.

Inflation remains low and stable.

Main uncertainty around outlook for household spending, effect of falling housing prices.

Underlying inflation to pick up gradually.

Central scenario for underlying inflation 2 percent in 2019, and 2.25 pct in 2020.

Housing markets in Sydney, Melbourne going through period of adjustment.

Labour market remains strong.

Indicators suggest economy slowed over second half 2018.

Further fall in unemployment rate to 4.75 pct expected.

Wage growth to pick up gradually over time

Central scenario for economy to grow around 3 pct this year.

 Growth outlook supported by rising business investment, public spending on infrastructure.

 Growth in household income expected to pick up, support spending.

Credit conditions for some borrowers have tightened.

Outlook for global growth remains reasonable, downside risks have increased.

Trade tensions remain a sense of domestic uncertainty.