Reserve Bank of Australia Governor Bullock opening statement:
- Board is of the view that it currently has the balance right between reducing inflation in a reasonable timeframe
- Our full employment goal is not served by letting inflation stay above target indefinitely.
- The board remains focused on the potential upside risks to inflation.
- Board is trying to bring inflation back to target in a reasonable timeframe while preserving as many of the gains in the labour market that we have seen in the past few years
- There has been further progress on inflation, but it has been very slow
- The economic outlook remains highly uncertain.
- Underlying inflation remains too high
- Based on what the board knows at present, it does not expect that it will be in a position to cut rates in the near term.
- The board’s message, though, was that it is premature to be thinking about rate cuts.
- While goods price inflation has declined substantially, it has not been enough to offset continued high services price inflation
