Following the first increase in the cash rate, the Board has returned to the approach to forward guidance that it used prior to the pandemic. That approach is qualitative in nature with any forward guidance focused on the short term. We value the flexibility in that approach and, in future, will avoid communication that focuses on the calendar or is too specific.
Only several years after the fact was a trend break in productivity recognized as likely to have occurred in 1973. And even today our understanding of the forces contributing to the slowdown is not entirely satisfactory.