HSC Together Year 12 Economics: Purpose of Monetary Policy

Economics

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Purpose of Monetary Policy

Monetary policy refers to the Reserve Bank of Australia’s setting of the cash rate in order to influence market interest rates and therefore economic activity, inflation and unemployment.

The purpose of monetary policy is to maintain price stability, full employment and economic prosperity and welfare. The RBA believes that an inflation of rate of 2-3% on average over the medium term achieves these objectives.

Watch the video to learn more about the the purpose of monetary policy in HSC Economics

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