RBA's Bullock: Tightness remains in labour market

Reserve Bank of Australia (RBA) Governor Michele Bullock spoke on Monday in the Australian parliament, saying that labor market conditions have eased slightly, the unemployment rate is up and tightness remains in labour market. 

Key quotes

Recent interest rate cuts are expected to support spending by households and businesses.
Labour market conditions are close to full employment.
Recovery in household consumption growth is forecast to be sustained as real incomes continue to grow.
Since the August meeting, domestic data have been broadly in line with expectations, if not slightly stronger.
The economic outlook continues to be clouded by uncertainty.
Labour market conditions have eased a little, with unemployment rising slightly, but some tightness remains.
The RBA must remain alert to changing circumstances and be prepared to respond if necessary.
The Board will remain attentive to data and the evolving assessment of risks to guide decisions.
There may be more excess demand in the economy, and labour market outcomes may be stronger than expected.
Monetary policy is well placed to respond if international developments materially impact Australia's economy.
There is also a risk that the recent pick-up in domestic economic growth is not sustained.
The RBA has made real progress in bringing inflation down, but the task is to ensure it stays within the target sustainably.