Michele Bullock: The Reserve Bank of Australia's dual mandate - inflation and employment 

Speech by Ms Michele Bullock, Governor of the Reserve Bank of Australia, at the Anika Foundation Fundraising Lunch, Sydney, 24 July 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
05 August 2025
by Michele Bullock
PDF full text
(611kb)
  |  17 pages

I'd like to begin by acknowledging the Traditional Custodians of the land on which we meet and pay my respects to Elders past and present.

It's an honour to join you today at the Anika Foundation fundraising lunch. The Foundation supports vital work on youth mental health research, awareness and education, in which I have a strong personal interest.

I'm proud to uphold the tradition of the Reserve Bank Governor speaking at this event to support an organisation that is making a real difference.

My remarks today centre on the dual objectives of monetary policy: 'price stability', which means maintaining low and stable inflation; and full employment, which I will talk about in more detail later.

I'll explore how these aims have shaped the Monetary Policy Board's strategy in recent years. As part of that, I will reflect on the relationship between the labour market and inflation over that time, and how conditions in the labour market have evolved to the present day.