Reserve Bank of Australia Governor Bullock addressing The Anika Foundation, Sydney on “The Costs of High Inflation”.
- It is premature to be thinking about rate cuts.
- As of now, the board does not expect to be in a position to cut rates in the near term.
- Our highest priority has been and remains to bring inflation down.
- The board remains vigilant to upside risks to inflation.
- Our full employment goal is not served by letting inflation stay above target indefinitely.
- There is substantial uncertainty around the central outlook, with risks on both sides.
- If circumstances change, the board will respond accordingly.
- The labour market remains relatively tight and is expected to ease gradually.
- Labour cost growth is strong, reflecting wage increases and weak productivity.
- The key drivers of elevated inflation are housing costs and market services.
- CPI rents inflation is likely to remain high for some time.
The full text is here:
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Later, at 7 pm Sydney time Bullock will speak in a Fireside Chat (pre-recorded) at the Women in Banking & Finance Awards
- 0900 GMT, 0500 US Eastern time
