The other elements of the RBA’s mandate are full employment and the economic prosperity of the people of Australia. In terms of full employment, we do not have a numerical target and I don’t think it makes sense to do so.
Experience has taught us that the non-accelerating inflation rate of unemployment (NAIRU) moves over time and is influenced by many factors outside the control of the central bank. The same could be said for the estimate of the employment-to-population ratio that is consistent with full employment and stable inflation.