MacroBusiness Access Subscriber Only Content Via Bill Evans at Westpac: The Reserve Bank Board’s minutes for its December meeting emphasised that the Board is committed to substantial policy support for a considerable period. The Minutes note that “Substantial policy support would therefore be required for a considerable period”. Despite recent encouraging economic developments around the distribution of vaccines in both the US and UK and what the minutes refer to as “the recovery in the labour market was more advanced than expected” there remains significant caution with respect to the Board’s confidence in the recovery –“the unemployment rate had ticked up in recent months and broader measures of labour underutilisation remained high” – “there was still a significant amount of spare capacity in the labour market and this would remain a key policy challenge for some time”.