On the contrary, the Reserve Bank would still want to see clear signs of a slow-down in the rates of increase in bank credit extension and in the money supply before lending official support to a decline in interest rates, or an easing in monetary policy in general. BIS Review 31/1997  4.
The rapid rise in employment fostered in recent years by wage moderation, the regularization of many immigrant workers and labour market reforms has produced a natural, and expected, slowdown in the rate of productivity growth.