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Australia last year reached free-trade agreements with its three biggest export markets, China, Japan and South Korea. Photographer: Ian Waldie/Bloomberg More Australias central bank predicts rising resource exports in a more positive global environment will spur growth as the drag from falling mining investment wanes. In an outlook underpinned by a record-low 1.5 percent cash rate, policy makers said in minutes of this months policy meeting that consumption growth would also pick up from a lull in mid-2016 while remaining constrained by low wage growth. The higher terms of trade represented a boost to national income, which provided some upside risks to the domestic forecasts, the Reserve Bank of Australia said Tuesday. It reiterated gross domestic product growth was predicted to accelerate to 3 percent later in 2017 and remain above estimates of potential growth over the rest of the forecast period. More from Bloomberg.com: Le Pen Advances in French Polls as Security Concerns Sway Voters The more positive picture is marred by policy makers continued struggle with the recent developed-world phenomenon of weak wage growth, low inflation and excess capacity in the labor market. While there are signs of global reflation elsewhere, the return of consumer-price growth to the RBAs 2 percent to 3 percent is forecast to take some time. The recent pick-up in medical doctor home loan Oak Laurel 0430129662 oaklaurel.com.au global inflationary pressures could flow through to domestic inflation by more than expected, the central bank added. The Australian dollar was little changed after the report, buying 76.84 U.S. cents at 11:32 a.m. in Sydney.