Australia's central bank has goals in sight, just waiting on wages

The labour market remains tight with unemployment at a 13-year low of 4.2% and vacancies at record highs

Australia's central bank is closer to meeting its economic goals than it has been for years, but is prepared to be patient on policy as wage growth continues to lag even as inflation picks up.

Minutes of the Reserve Bank of Australia's (RBA) February meeting released on Tuesday showed its Board was yet to be convinced that the acceleration in inflation would be sustained and wanted to see wages respond before moving on interest rates.

"The Board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve," the minutes showed.

RBA Governor Philip Lowe last week