But they are also causing growing pains that need to be managed. Nationally, the labour market is expected to tighten further over the next couple of years. The RBA's central scenario is for the unemployment rate to reach 4¼ per cent by the end of 2022, and 4 per cent by the end of 2023 (Graph 9).
Moreover, citizens and businesses should be able to send and receive cross-border payments to and from countries beyond the euro area under the same conditions and with the same ease as within as was highlighted this morning by Bundesbank President Jens Weidmann. Clearly, we need comprehensive European answers to the challenge posed by digitalisation while harnessing the benefits it offers.