Wages growth is slowing and unemployment is predicted to edge higher, meaning less risk that labour costs will rise.
For RBA governor Michele Bullock, signs of tightness unwinding in the labour market will ease a central inflationary concern weighing against further interest rate cuts.
Despite slashing the cash rate for the first time in more than four years, Ms Bullock made clear the board was far from comfortable with the direction the economy was heading.
"We cannot declare victory on inflation just yet," she told reporters on Tuesday.
"Many indicators suggest that the labour market is tight, and on some measures tightening further.
"While this is good news for jobseekers, the board remains alert to the possibility that it is signalling a bit more strength in the economy, which could delay or stall the disinflation process."
On Wednesday, workers received some bad news that would've been music to the central bank board's ears: annual wages growth slowed from 3.6 per cent to 3.2 per cent in the December quarter.
"The slowing rate of wages growth, particularly in the private sector, will provide some comfort to the RBA that services inflation should continue to improve over the coming year and paves the way for further reduction in interest rates during 2025," said KPMG economist Terry Rawnsley.
On Thursday, more bad news for workers could further reassure the RBA in the form of rising unemployment.
CommSec chief economist Ryan Felsman expects the January jobless rate to lift from four per cent to 4.1 per cent, a modest increase that builds on the 0.1 per cent rise in seasonally adjusted terms experienced in December.
Still, the jobs market remains unusually tight in historical terms and there's one piece of news that is unequivocally bad for everyone in the economy: productivity growth is in the doldrums and moving nowhere fast.
A key risk to the economy's outlook, identified by the RBA in its Statement on Monetary Policy, is that productivity growth remains persistently weaker than predicted.
That could cause inflation to rise again if wages continue to grow faster than the output workers produce.
Three years of near-consistent productivity declines has become a key concern for the Australian economy, said Deloitte Access Economics partner David Rumbens.
"Labour productivity is a key determinant of economic growth and overall living standards," he said as he unveiled Deloitte's latest Employment Forecasts report.
"Australia needs a productivity boost - from the market sector via investment, particularly in technology, and from the non-market sector via economic reforms."
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