As I already mentioned, official estimates of the NAIRU for other advanced economies have come down over the past decade. It seems reasonable to think that this could happen in Australia, too. The most basic way to infer the NAIRU is simply to observe actual unemployment, wages growth and inflation.
In addition, in interpreting the latest developments we need to be aware that there is some evidence that over recent months purchases of marketable instruments by non-euro area residents have biased the rate of growth of M3 somewhat upward.