Jesus, what a pack of nupties.
Maintaining price stability and full employment is the priority.
The Board continues to judge that the risks to inflation have become more balanced and the labour market remains strong. Nevertheless it remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply. The Board judged that it could wait for a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis. It noted that monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation in Australia.
The Board will be attentive to the data and the evolving assessment of risks to guide its decisions. In doing so, it will pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the outlook for inflation and the labour market. The Board is focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome.
Decision
The Board has decided to publish an unattributed record of votes in the post-meeting statement. Today’s policy decision was made by majority; 6 in favour, 3 against.
Pretty much every indicator since the last meeting has undershot badly.
I don’t know what to say other than that they never learn.
The immigration-led labour market expansion economic model does not do inflation.
