RBA Governor Bullock said rise in oil prices is not the reason for the rate increase and that inflation was already too high, adds risks to inflation are to the upside and cash rate was not high enough to bring inflation back to the target

Says:

• All members agreed inflation was too high, board agreed inflation was too high.
• Had a very robust meeting.
• Members that voted to hold, voted in a hawkish sense.
• Discussion was about timing, not the direction of policy and hike.
• Difference was timing and those who voted against, still felt the need for an eventual rate increase.
• Today's hike does not say anything about the forward path, and the forward path for rates is uncertain.