Reserve Bank Governor Philip Lowe says Australia is “closer to full employment and achieving the inflation target”.
“The board of the Reserve Bank is prepared to be patient as it monitors the evolution of these various factors that are affecting inflation in Australia,” Mr Lowe said in his address to the National Press Club.
“Full employment is one of the RBA’s legislated objectives, and the board is committed to playing its role in achieving that objective, consistent with also achieving the inflation target.
He said he would like to make it clear the RBA is “committed to achieving inflation targets” with the inflation target remaining “at the centre of the monetary policy framework”.
“It’s been a difficult few years for the country, but our economy has proven to be resilient, and Australians are adapting to living with the virus. From my perspective, this all goes well for the future.”