RBA SoMP shows endless weakness

Forexlive has provided a summary of the points in the just released RBA Statement of Monetary Policy (in unGodly time):

• Says latest rate cut to reinforce “encouraging trends” in consumer demand
• Will assess outlook, adjust policy as needed for growth, inflation
• AUD not offering enough support to economy, further fall seen likely and necessary
• Economy to grow below trend for a little longer than expected, pick up in 2016/17
• Trims GDP forecasts around 0.25 ppt, 2015 yr avg seen at 2.25 pct, 2016 at 2.5-3.5 pct
• Underlying inflation seen 2.5 pct at end 2015, 1.75-2.75 pct for end 2016 and mid 2017
• Non-mining investment not likely to pick up in coming quarters as had been expected
• Unemployment rate seen peaking at 6.5 pct in mid-2016, stay elevated for longer
• Spare capacity in labour market to last longer than previously thought
• Expects wage growth to stay contained, but not fall below inflation
• Home price growth strong in sydney but slowing elsewhere, credit has levelled out

Here are the charts. As always, there a future boom:

Inflation is all good:

But unemployment gets worse before it gets better:

And most amusing there is another sudden plateauing of commodity price falls coming (still not low enough):

There was no explicit move back to an easing bias but take out the fantasy future boom and what is there? More rate cuts is what! Bonds were bid quite sensibly.