The Reserve Bank of Australia has left the cash rate at a record low 0.1 per cent following its monthly board meeting.
RBA governor Philip Lowe reiterated the board will not increase the cash rate until actual inflation is sustainably within the two to three per cent target range.
"For this to occur, the labour market will need to be tight enough to generate wages growth that is materially higher than it is currently," Dr Lowe said in a statement on Tuesday.
"This is unlikely to be until 2024 at the earliest."
