[4]  8  R E S E R V E B A N K O F AU S T R A L I A  Graph 9  Labour Productivity* March 1993 = 100, log scale index  1993–2002  2003–2014  2015–2022  0.9%  140  1.2%  120  index 140  120 2.4%  100  100  80  1997  2002  2007  2012  2017  80 2022  *  Blue line denotes quarterly GDP per hour worked; black lines denote linear trend; labels show average annual growth.
Sources: ABS; RBA  Monetary policy I would now like to turn back to here and now and the Reserve Bank Board’s recent deliberations. At our meeting in early November we conducted a review of our experience with forward guidance about the cash rate during the pandemic and considered our approach going forward.