RBA: inflation unlikely to return to midpoint of target range before late 2027, risks skewed to upside

Decision Was Unanimous - Monetary Policy Judged Somewhat Restrictive - Inflation Remains Too High - Inflation Not Expected To Return To Around Midpoint Of Target Range Until Late 2027; Upside Risks Remain - Middle East Conflict Has Had Less Impact On Inflation Than Expected So Far - Resolution Of Middle East Conflict Remains Uncertain; Some Scenarios See Higher Inflation And Lower Activity Than Forecast - Board Remains Focused On Preventing High Inflation From Becoming Embedded - Trimmed Mean Inflation Remains Elevated And Little Changed From March Quarter - Short-Term Inflation Expectations Have Eased But Remain Above Earlier-Year Levels - Labour Market Leading Indicators Point To Only Limited Near-Term Easing - Following Three Rate Increases Since Start Of Year, Financial Conditions Are Tighter And Economy Appears To Be Slowing As Expected