These dynamics are supporting the overall positive economic outlook. We expect personal consumption to continue to grow strongly. And at an aggregate level the economy is expected to reach full potential over the coming years. Of course the aggregate picture masks some concerns and some risks as well as the very real challenges many people and businesses have faced.
We may also see stress in some sectors given higher operating costs and shortages in labour supply. Real financial pressures for some businesses will not become evident until the economy reopens fully and supports are fully unwound. And while encouraging, it is as yet unclear how much of the changes in the labour force will persist.