Luci Ellis, RBA Assistant Governor (Economic Group) speech.
Here is the full text: Lumps, Bumps and Waves
Yes, that's the title.
Main points:
- effect of structural change in retail sector on pricing models has been "profound
- flat-to-falling retail prices a "big change" in pricing behaviour for some important parts of CPI
- the question of how long this shift will last has been a key issue when compiling inflation forecasts
- Australia's manufacturing sector performing strongly with their exports increasing
- upswing most evident in scientific instruments, medicinal, pharmaceutical products
- says have factored strong manufacturing into forecasts, but grappling with how long it will run
- June qtr public sector wages growth boosted by one-off factor, expect rate of growth to fall back to recent averages
AUD little changed.
