Summary: GDP valley less deep but wider; inflation lower for longer; jobless rate expected to peak later, followed by long, slow grind down; 2020 forecast implies RBA “positively surprised” by growth progress of non-Victorian states. The Statement on Monetary Policy (SoMP) is released each quarter and it is closely watched for updates to the RBA’s own forecasts. In May’s SoMP, the opening statement of the “Outlook” section stated, “The...