And the second and related conclusion is that there is still significant spare capacity in the Australian labour market. The most recent batch of data has provided further evidence in support of both conclusions. The 1/4  BIS central bankers' speeches  March quarter CPI was low and it was below expectations, as was the previous reading on inflation.
In addition, the wage data for the March quarter confirmed that wages growth remains subdued, although it has picked up from a year ago. And the recent labour market report also confirmed that strong employment growth is not making material inroads into spare capacity in the labour market.