Reserve Bank of Australia Deputy Governor Michele Bullock speech
Summary Headlines via Reuters:
Employment, economy need to grow below trend for a while
Economy would be
closer to sustainable balance point with unemployment at 4.5%
Australia is at or
even above estimates of full employment for the first time in decades
Employment is above
what we would consider to be consistent with our inflation target
Have been willing to
accept more gradual return of inflation to target than many other
central banks
But entrenched
inflation would lead to higher rates, deep recession and more
unemployment
Labour market
conditions will invariably soften as inflation is contained
Balance between
labour demand and supply has improved somewhat recently
Nevertheless, the
labour market remains tight by most measures
Earlier in the session from Australia’s central bank :