And those people who benefit most from monetary stimulus are those who get a job or retain a job because of this stimulus. The benefits here are wider, though, than just those to the individual. When more people who want jobs have one, the whole community benefits too.
This is not just in terms of stronger household income growth but in an improvement in a wide range of social indicators as well. In making its decisions, the Reserve Bank Board is looking at this whole picture. Consistent with the mandate given to it by Parliament, the Board is seeking to maximise the collective welfare of the Australian people.