It is not even a necessary condition for strong growth. It is just the best contribution which monetary policy can make. BIS Review 92/1997
There is still very substantial spare capacity in the Australian economy. The unemployment rate is higher today than it has been for almost 2 decades and many people can’t get the hours of work they want. And in terms of output, we remain well behind where we thought we would be when I spoke here in February last year (Graph 4).