Statement on Monetary Policy February 2025

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
• Box A: Implications of US Policy Settings for Financial Markets
• 2. Economic Conditions
  • 2.1 Global economic conditions
  • 2.2 Domestic economic activity
  • 2.3 Labour market and wages
  • 2.4 Inflation
  • 2.5 Assessment of spare capacity
• Box B: Consumption and Income Since the Pandemic
• Box C: Health Care Employment and its Impact on Broader Labour Market Conditions
• Box D: Insights from Liaison
• 3. Outlook
  • 3.1 The global outlook
  • 3.2 Key domestic judgements
  • 3.3 The domestic outlook
  • 3.4 Key risks to the outlook
  • 3.5 Detailed forecast information

The cut-off for data used to prepare the Statement on Monetary Policy was 12 February 2025.

Underlying data for selected graphs. Other data may be available upon request via our general enquiry page.

Some graphs in this publication were generated using Mathematica.

ISSN 1448–5141