1. Inflation remains high and is expected to stay elevated for a while, particularly in services prices.
2. The economy is experiencing subdued growth, mainly due to high inflation affecting household incomes and previous monetary policy tightening.
3. Market expectations for the peak in the cash rate have declined, while housing prices in Australia continue to rise.
4. The decision to hold the cash rate steady was based on the belief that previous interest rate increases need more time to fully impact the economy.
5. There is a risk of a sharper economic slowdown and weaker consumption, but recent developments have not significantly changed the overall outlook for inflation and employment growth.