The Australian dollar, a liquid proxy for risk, was 0.02% lower at $0.7586, after hitting a near six-month trough of $0.7478 earlier this month. It has support at about $0.7566.
Kent reiterated that the bank did not expect domestic inflation to return to its 2-3% target band until 2024 at the earliest, so policy would need to stay very accommodative.
They expect the Aussie to trade with an 80 cent to 85 cent handle within the next six to 12 months, "unless faith in full economic re-opening in a post-vaccine world in H2 2020 proves misplaced".
"The RBA managed to surprise us, upgrading all key forecasts more than we anticipated," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities.
On Monday, the authorities reopened the Australian-New Zealand border, allowing quarantine-free travel between the countries for the first time in over a year.
However, the conservative government has often ruled out any changes to taxes for investment in housing and is unlikely to follow New Zealand's example.
On Wednesday, Assistant Governor Chris Kent reiterated the RBA's lower-for-longer rate view while signalling monetary policy will not be used to control asset price gains.