The past year has seen the return of high inflation as a major policy concern globally. This follows pandemic-related supply-side disruptions, Russia’s invasion of Ukraine and significant monetary and fiscal policy stimulus during the pandemic. The Reserve Bank Board is committed to making sure that the current period of higher inflation in Australia is only temporary and that inflation returns to the 2 to 3 per cent target over time. The past year has also seen a welcome decline in unemployment, with the unemployment rate the lowest it has been in nearly 50 years. This is a significant achievement and is one of the ... (full story)