RBA’s Debelle says there’s still sizeable spare capacity in labour market

RBA deputy governor Debelle with scheduled speech 26 Oct

  • still expects it to be used up
  • alert to risk that wages will remain subdued even as spare capacity reduced
  • current estimate is that Nairu remains around 5%
  • economic forecasts in quarterly outlook to be presented as central points rather than a range
  • CPI subject to substitution bias, overstated by ave 0.25% between reweightings

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