The outlook for the economy remains broadly unchanged, with all of the forward indicators still suggesting solid growth momentum in employment and output; given this, my view on the timing for cash rate rises is broadly unchanged from last month. But the current spate of lockdowns and slow pace of vaccine rollout (compared to other countries) clearly highlight that a complete return to normal will not be possible in the very near term. Previous experience here and overseas suggests that activity will rebound strongly after the lockdowns come to an end, so the recent episode is not likely to derail the economy, but given the increased transmissibility of the delta variant (and so the need for future restrictions), the downside risks have increased.