8  R E S E R V E B A N K O F AU S T R A L I A  Given the importance of household spending to the overall economy, the Board will continue to pay close attention to all these indicators.
Growth in unit labour costs A third consideration that the Board is playing close attention to is the rate of growth in unit labour costs – that is, the difference between growth in nominal labour costs and productivity. This is because, over time, there is a close relationship between inflation and the rate of growth in unit labour costs.