Statement on Monetary Policy May 2024

Contents

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• 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
• 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: Insights from Liaison
• 3. Outlook
  • 3.1 The global outlook
  • 3.2 The domestic outlook
  • 3.3 Key judgements
  • 3.4 Key risks to the outlook
  • 3.5 Detailed forecast information
• 4. In Depth – Potential Output
  • 4.1 What is potential output?
  • 4.2 Why does potential output matter to central banks?
  • 4.3 What drives movements in the output gap?
  • 4.4 How do we use these concepts in practice?

The cut-off for data used to prepare the Statement on Monetary Policy was 1 May 2024.

Some graphs in this publication were generated using Mathematica.

ISSN 1448–5141