Over the entire inflation targeting period, the cumulative increase in the CPI has closely matched that in unit labour costs, although there have been periods of divergence (Graph 11).
Graph 11  CPI and Unit Labour Costs March quarter 1993 = 100 index  index  200  200 Unit labour costs*  175  175  150  150 CPI**  125  125  100  100  75 1993  1998  2003  2008  2013  2018  75 2023  *  RBA measure; adjusted for JobKeeper subsidies in 2020–2021.