NZ international travel: July 2024

I would first like to pay respect to the traditional and original owners of this land, the Gadigal people of the Eora Nation, to pay respect to those who have passed before us and to acknowledge today’s custodians of this land. I also extend that respect to any First Nations people joining us here today. Today I’d like to talk about the labour market. Employment is crucial to our living standards and our lives. A job is not just a source of income. For many of us it is also a key part of our identity and way of life. Those that experience a period of unemployment can suffer for a long time afterwards, and the economy can ‘lose’ their skills and expertise. The Reserve Bank Board has historically set monetary policy to achieve both low and stable inflation and full employment. Our full employment mandate became more explicit in the updated Statement on the Conduct of Monetary Policy that was agreed between the Reserve Bank Board and the Treasurer late last year.[1] This morning I’d like to unpack our view of the labour market – how we’ve interpreted recent data, and what we expect over the next couple of years. But first I want to outline what we mean by and how we assess full employment. Then I’ll follow with our assessment of labour market dynamics – whether we think they’ve changed, and where we’ve been somewhat surprised recently. Finally, I’ll wrap up by talking about our outlook and the risks and uncertainties we’re closely monitoring. post: RBA's Hunter says the Australian labour market is still tight relative to full employment https://t.co/WNYmDxCaCp