In the RBA’s central scenario, job creation is slow over coming months and the unemployment rate is still around 6 per cent at the end of 2022. One consequence of this is that wages growth and inflation are both likely to stay very low. In each of the next two years, we are expecting annual wages growth of less than 2 per cent.
And inflation, in underlying terms, is expected to be just 1 per cent next year and 1½ per cent in 2022. 1/5  BIS central bankers' speeches  Given this outlook, the Board judged that it is appropriate to take further steps today to support the economy. Unemployment is a major economic and social problem that damages the fabric of our society.