In December the Governing Council’s assessment will benefit from the new staff macroeconomic projections extending through to 2019 and from the work of the Eurosystem committees on the options to ensure the smooth implementation of our purchase programme until March 2017, or beyond, if necessary. Let me now explain our assessment in greater detail, starting with the economic analysis.
Average household disposable income is sourced from national accounts data. Note that alternative income measures give slightly different results, and Australia’s relativity is somewhat higher when using broader income measures that incorporate the taxation and social welfare system.