Full employment represents the government's goal to achieve maximum (growth) in the economy such that unemployment, or the unemployment , is at its lowest possible level before pressures become excessive. This is often referred to as the non- inflation rate of unemployment or NAIRU, which is currently considered to be approximately 4.25%. Given that the unemployment rate has remained below per cent over the past year (i.e. 2022-23), it suggests that full employment has indeed been achieved (or even overachieved). However, to the extent that the rate of unemployment is indeed below NAIRU, one could also argue that the goal is not achieved given that the excessive it triggers can be a detriment to the .

The goal of low inflation (also referred to as price ) requires the rate of growth in consumer prices (i.e. inflation) to be within the 2-3% range on average over time. Given that the rate of (headline) inflation has risen well above the top end of the RBA’s target range of 2-3% over the past 12 months, it is fair to say that the goal has not been achieved.

The goal of strong and sustainable economic growth requires that the rate of growth in real GDP is strong enough to create jobs and boost living standards (e.g. above 3%) but not so strong that it triggers excessive and/or leads to excessive pressures on the and/or results in excessive external pressures. Over the past 12 months, given that the rate of economic growth has been below 3%, it is fair to say that the goal has not been achieved.