RBA Governor Bullock says RBA expects inflation to increase further in the near term, notes flow of data and development since May has not been materially different to our expectations
- Inflation is too high, and the board will do what it considers necessary to achieve its mandate of delivering price stability and full employment.
- Having raised the cash rate three times, monetary policy is well placed to respond to developments.
- Will carefully monitor conditions to assess how the combined effects of higher interest rates and the energy price shock are playing out.
- Some signs of tightening impact already seen, but full effects to take 1 to 2 years.
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