Original article by Greg Brown
The Australian – Page: 4 : 17-Jul-23

Treasurer Jim Chalmers says he will not ‘pre-empt’ the monetary policy decisions that incoming Reserve Bank of Australia governor Michele Bullock might recommend to its board. Chalmers adds that it "remains to be seen" as to whether inflation can be brought under control with higher levels of employment, and he says inflation is the main challenge facing the domestic economy. The ACTU has called for a "reset" of the RBA’s full employment target in the wake of Bullock’s appointment, while Australian Workers Union secretary Paul Farrow said the RBA should redefine full employment as being "understood as zero involuntary unemployment". Bullock had suggested in June that the unemployment rate will have to rise to 4.5 per cent to restore inflation to the target range of 2-3 per cent.

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AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, ACTU, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES