The amount of "churn" in the labor market – the number of jobs created and destroyed – is enormous and reflects the continuous entry, exit, and resizing of firms in our everchanging economy.
Closing the output gap over this time frame is reliant on continued stimulative monetary policy and hinges critically on stronger exports and business investment. Weighing these considerations within the Bank’s risk-management framework, the monetary policy stance remains appropriate and the target for the overnight rate remains at 1 per cent.