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Just worth flagging Lowe's comments on..........>

RBA: Just worth flagging Lowe's comments on unemployment as well. He noted that
the Bank now sees unemployment reaching 5.0% again in 2021. The May SoMP saw the
unemployment rate at 5.0% through 2020, ticking down to 4.75% (4.8% on a decimal
basis) in H1 2021.
- The higher starting point for the unemployment rate (currently 5.2%, up from
4.9% in February) made such an adjustment in the projections likely.
- As a reminder, the Bank recently published a NAIRU estimate of 4.5%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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