Time lost to labour disruptions has decreased, the length of union contracts has increased, and the unemployment rate has fallen to a 30-year low. So that's the big picture, and it's a favourable one. I'd like to say a few words now about the current situation – how we've done recently in pursuing our monetary policy objective.
In a nutshell, the economy is doing well, and inflation is close to target. Total CPI inflation is 1.6 per cent, or 2.1 per cent if adjusted for the change last year in the GST and other indirect taxes.