Reserve Bank of Australia's Deputy Governor Michele Bullock
- Board expects to increase interest rates further over the coming months; pace and timing will be determined by data
- Factors the board will monitor closely include the global economy, household spending and wage- and price-setting behaviour
- Board is determined to do what is necessary to return inflation to target
- Our policy rate trajectory has been as steep, or steeper, than other central banks
- A very tight labour market starting to put upward pressure on wages
- Rate rises, price rises starting to put pressure on household budgets
- Board felt a 25 basis point rate rise was warranted in October while it took stock of developments in consumption, wages and the international economy
- Was an active discussion internally and at the board meeting about the appropriate size of the October rate increase
- As the board meets more frequently than most peers, it can achieve similar tightening with smaller individual rate rises
Upcoming RBA meetings:
- November 1
- December 6
- February 7