With that caveat, my guess is that over the year ahead the growth of real GDP will be around 2–3 per cent: close to trend, but probably a bit below it in the near term. Further ahead there are some reasons to think that growth could speed up somewhat and be a bit above trend.
This outlook would mean that it will be a while before we see sustained reductions in the rate of unemployment. Conditional on the usual set of assumptions about oil prices, the exchange rate and so on, inflation should be consistent with the 2–3 per cent target over the horizon relevant for monetary policy.