The operation of monetary policy

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…over the past two years have not effected inflation, the RBA remain unsure whether the inflation impact has been avoided or merely postponed. The RBA is also aware that the economy will be strongly effected by the implementation of GST next year, and if they consider it to be sufficient to underpin growth, it will be less inclined to ease monetary policy until a later date, or when clear signs of a slowdown is evident.