RBA Governor Lowe says its plausible the cash rate will rise later this year

Reserve Bank of Australia Governor Lowe (Headlines via Reuters):

• says plausible the cash rate will be increased later this year
• closer to point where inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term sustainably in target range, but not there yet
• says moving too early on rate rise carries risks to achieving full employment
• says will do what is necessary to maintain low and stable inflation
• says we have scope to wait and assess incoming information on inflation and wages
• watching how war in Ukraine adds to supply-side inflation pressures
• extended period of high inflation could feed through to inflation expectations, wages
• current evidence shows most wage rises still under 3%, pick up still gradual
• sees strong growth in hours worked, jobs over the months ahead
• says data suggests economy growing despite floods, omicron outbreak
• says war in Ukraine a new major downside risk to the global economy
• says main economic effects of war stem largely from higher commodity prices
• Australia to benefit from higher terms of trade, but extra income likely to be saved

This from Lowe has wider applicability than just the RBA IMO:

• "I recognise that there is a risk to waiting too long, especially in a world with overlapping supply shocks and a high headline inflation rate. But there is also a risk of moving too early. "

more to come