We are anticipating that wages growth will continue to pick up gradually as the unemployment rate declines and the adjustment following the end of the mining boom is close to running its course. There are a few other factors that are likely to contribute to this.
Accordingly, across the Central Bank, much of our work programme is directed at the formulation and implementation of policies that are jointly determined at a European level. In relation to the central banking pillar we play our part in the setting of monetary policy for the euro area through a range of eurosystem committees and the Governing Council of the ECB.