November 2024
Statement on Monetary PolicyWhen is it published?
The SMP is published four times a year. It is released alongside the February, May, August and November monetary policy decisions of the Reserve Bank Board.
Last published 5 November 2024
Next published 18 February 2025
What does it include?
The SMP includes an assessment of current economic and financial conditions, the outlook for the period ahead, and the risks to that outlook. It also includes short boxes on topics of interest, as well as a regular box on insights from our business and community liaison program. The In Depth chapter provides a more detailed look into an economic or financial subject.
Who prepares it and how is it used?
The SMP is prepared by RBA staff and is one of the documents presented to Board members for their consideration prior to the Board meeting. The data and analysis within the SMP feeds into the Board’s discussions on monetary policy. The SMP speaks to the RBA’s dual mandate of maintaining price stability – or low and stable inflation of between 2 and 3 per cent – and sustained full employment, by providing updates on both of these indicators.
For the four meetings that do not coincide with the release of the SMP, staff present updates and analysis to the Board to inform their decision-making.
What are the cut-off dates for data and analysis?
The data and analysis within the SMP are finalised on the Wednesday before the Board meeting, and the material is provided to the Board on the Friday. Underlying data is available as a link on the table of contents page for each SMP.