Statement on Monetary Policy February 2024

Contents

• In Brief
• Overview
• 1. Financial Conditions
  • 1.1 Interest rate markets
  • 1.2 Other measures of financial conditions
  • 1.3 Australian banking and credit markets
• 2. Economic Conditions
  • 2.1 Global economic conditions
  • 2.2 Domestic economic activity
  • 2.3 Labour market and wages
  • 2.4 Assessment of spare capacity
  • 2.5 Inflation
• Box A: Insights from Liaison
• 3. Outlook
  • 3.1 Global outlook
  • 3.2 The domestic outlook
  • 3.3 Key risks to the domestic outlook
  • 3.4 Detailed forecast information
• Box B: Greater Transparency about Our Forecasts and Assumptions
• 4. In Depth – Full Employment
  • 4.1 Full employment is an objective of monetary policy in Australia
  • 4.2 The role of monetary policy in achieving full employment
  • 4.3 Assessing how close we are to full employment

The cut-off for data used to prepare the Statement on Monetary Policy was 31 January 2024.

Some graphs in this publication were generated using Mathematica.

ISSN 1448–5141