Reserve Bank of Australia sees faster inflation, stresses patience

[SYDNEY] Australia's central bank on Friday sharply revised up its outlook for inflation while projecting unemployment at 50-year lows, yet was still content to keep policy super loose as it seeks a lasting recovery in wages and living standards.

In its quarterly statement on monetary policy, the Reserve Bank of Australia (RBA) said that a firmer outlook for inflation meant its policy goals might be met sooner than previously thought, opening the door to an early tightening.

Yet it emphasised that wage growth still lagged and it was ready to be patient until it was certain that a sustained pick up was underway. REUTERS