The Reserve Bank of Australia (RBA) has published its quarterly monetary policy statement revealing that Australia has fared much better in the economic downturn caused by the CCP virus pandemic. “The economy has exceeded all of the upside scenarios that we had described,” RBA Deputy Governor Guy Debelle said on May 6, a day before the RBA released its quarterly statement. The GDP is back to its pre-pandemic levels with labour market participation increasing to a record high while the employment rate is 5.6 percent, which is half a percentage point higher than its pre-pandemic levels. “These are much better labour market outcomes than have occurred in other countries,” Debelle said. But the RBA wants to see higher wage growth before it starts tightening its monetary policy, noting that while the Australian economy has experienced better employment outcomes than most other countries, wage growth in Australia has been noticeably weaker …