Today’s news that an extra 47,500 Australians found work in August while the unemployment rate held steady at 4.2% is a sign of success for both the government and Reserve Bank.
It’s a sign of success in dealing with the difficult task of bringing inflation down without too much economic damage.
Then Reserve Bank Governor Philip Lowe, in a speech shortly before he handed over the reins to Michele Bullock, said that success in this task would require navigating a narrow path.
