(AGENPARL) – ven 05 agosto 2022 Having issues? [View the online version](https://events.rba.gov.au/link/id/zzzz62ec72ac7f5c6620Pzzzz61358c86a728c671/page.html)
Statement on Monetary Policy
August 2022
We have released our latest [Statement on Monetary Policy](https://events.rba.gov.au/link/id/zzzz62ec72ac814e1841Pzzzz61358c86a728c671/page.html).
The Statement on Monetary Policy is released four times a year. It provides our assessment of current economic conditions and the prospects for inflation and output growth.
Inflation is high globally, due to strong demand, continued supply constraints and Russia’s invasion of Ukraine.
Rapid cost-of-living increases are reducing real incomes and central banks have increased interest rates quite quickly to combat inflation. This is weighing on the outlook for global growth.
Inflation in Australia is now the highest it has been since the early 1990s and is expected to peak at a higher rate than earlier expected.
The domestic labour market is the tightest it has been in many years.
A higher cost of living, rising interest rates and declining housing prices are expected to weigh on growth in spending.
The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time while keeping the economy on an even keel.
[Read the full Statement on Monetary Policy](https://events.rba.gov.au/link/id/zzzz62ec72ac814e1841Pzzzz61358c86a728c671/page.html)