I hope the Review will provide a further opportunity to examine how the RBA has managed these trade-offs in the past and how it might manage and explain them in the future. Recent monetary policy I would now like to turn to the Board’s monetary policy decisions over recent months.
The Board is committed to doing what is necessary to ensure that inflation returns to target over time. High inflation is a scourge. It damages our standard of living, creates additional uncertainty for households and businesses, erodes the value of people’s savings and adds to inequality. And without price stability, it is not possible to achieve a sustained period of low unemployment.