Overview
- Board reaffirms a measured, gradual approach to easing monetary policy and remains data dependent ahead of its August meeting.
- The jobless rate climbed to 4.3% in June, its highest since the pandemic but squarely in line with forecasts released in May.
- Governor Michele Bullock highlighted stable vacancy rates and modest adjustments in hours worked and voluntary job switches as evidence of orderly labour-market rebalancing.
- Core inflation eased to 2.9% in the March quarter and is projected to fall further to about 2.7% when June-quarter figures are released next week.
- A rare 6–3 split vote held the cash rate at 3.85% earlier this month, underscoring the bank’s caution before fresh employment and inflation data arrive.