RBA Minutes from the June meeting stated that policy needed to remain restrictive and will do what is needed to achieve price stability including raising rates if necessary

Says:

• Board saw merit in using the room created by earlier hikes to assess how the economy was faring. 
• Leaving rates unchanged would best balance inflation and jobs objectives. 
• Economy was operating with excess demand and broad-based price pressure. 
• Middle East conflict still posed material upside risks to inflation and downside risks to activity.
• Agreed financial conditions were now likely somewhat tight. 
• Sustained high oil prices could flow through to prices and wage-setting decisions.
• Members noted risks of a potentially significant weakening in the housing market. 
• Softer housing market and expected slowdown in housing credit suggested tighter funding conditions.
• Persistently weak productivity could hinder progress on bringing inflation to target. Recent data were mixed but suggested the economy was cooling broadly as expected. 
• Board noted the housing market was weaker than anticipated due to rate hikes and tax changes. 
• Discussed whether strength in data-centre activity could add to capacity constraints in the economy. 
• Household spending growth had not eased materially.