Statement on Monetary Policy November 2025

Contents

• In Brief
• Overview
• 1. Financial Conditions
  • Summary
  • 1.1 Interest rate markets
  • 1.2 Corporate funding markets
  • 1.3 Foreign exchange markets
  • 1.4 Australian banks and credit markets
• 2. Economic Conditions
  • Summary
  • 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 A: Insights from Liaison
• 3. Outlook
  • Summary
  • 3.1 Key judgements
  • 3.2 The global outlook
  • 3.3 The domestic outlook
  • 3.4 Key risks to the outlook
  • 3.5 Detailed forecast information
• Box B: Annual Forecast Review
• Box C: The Transition to a Complete Monthly CPI
• Technical Note: The Transition to a Complete Monthly CPI

The cut-off for data used to prepare the forecasts for the Statement on Monetary Policy was 29 October 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