ContextSpeech at the Australian Business Economists annual dinner in Sydney; the Reserve Bank of Australia pursues low inflation and full employment and is reforming its policy framework.
Why it mattersBullock links the new policy framework to clearer communication.
Problems raised
Inflation in Australia remains too high.
Services inflation is persistent.
Labour utilisation is high, leaving little spare capacity.
Solutions proposed
Implement the Reserve Bank review for a modern policy framework.
Tighten policy further if needed to bring inflation back to target.
