Graph 10  Wage Price Index Growth  %  Private sector  %  Public sector  5  5  4  4  3  3 Year-ended  2  2 Quarterly  1 0  1  2001  2011  2021  2001  2011  2021  0  Source: ABS  Our judgement is that it will take some time for wage increases to lift to a rate that is consistent with achieving the inflation target.
Before going further, I should say that the views I will express today are my own and not necessarily those of other members of the Board of Governors or its staff.2  Costs, benefits, and policy options But even prevention has costs that must be weighed along with its benefits.