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.

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