Statement on Monetary Policy February 2026

Contents

• In Brief
• Overview
• 1. Financial Conditions
  • 1.1 Interest rate markets
  • 1.2 Corporate funding markets
  • 1.3 Foreign exchange markets
  • 1.4 Financial conditions in China
  • 1.5 Australian banks 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: Update on the RBA’s Approach to Assessing Full Employment
• Box B: Insights from Liaison
• 3. Outlook
  • 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

The cut-off for data used to prepare the Statement on Monetary Policy was 28 January 2026.

Some graphs in this publication were generated using Mathematica.

ISSN 1448–5141