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RBA: Statement on Monetary Policy (Nov 2021)
5 November 2021
“The outlook is for underlying inflation to pick up gradually over the next couple of years, as the economy recovers further and spare capacity is absorbed. In the central scenario, trimmed mean inflation is forecast to be 2¼ per cent at the end of 2022 and around 2½ per cent by the end of 2023.”
“The Board is committed to maintaining highly supportive monetary conditions in order to achieve a return to full employment in Australia and inflation consistent with the target. For inflation to be between 2 and 3 per cent on a sustainable basis, the labour market will need to be tighter and wages growth materially higher than they are at present. The Board will not raise the cash rate until these criteria are met, and is prepared to be patient.”
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