Monetary policy decisions appropriately target aggregate measures – inflation and maximum sustainable employment – while being attuned to equity considerations of our policy actions. However, we do not have the tools to manage any desired equity implications of our actions. There are additional decision-makers and tools for such tasks.
Households might start to ratchet up their expectations about future inflation and in such a case the Reserve Bank could be confronted with the need to increase policy rates to dampen the accelerating inflation outlook. 4. The rugby world cup  One driver of growth over 2011 is, of course, the Rugby World Cup.