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Bullock Speech: RBA Governor speaks on policy outlook after the expected interest rate hike
Reserve Bank of Australia (RBA) Governor Michele Bullock is addressing the press conference, explaining the reason behind raising the key interest rate by 25 basis points (bps) to 4.60% from 4.35% in the September policy meeting.
Key quotes from the RBA press conference
Inflation is driven by domestic capacity pressures.
Inflationary pressures to last longer than expected.
Board will raise rates again if needed.
Unemployment rate still low historically.
Need to bring excess demand down, recession is not our central case.
Will not put too much emphasis on August CPI number, need tight financial conditions.
I still think the labor market is a little bit tight.
I hope four rate hikes will be restrictive enough to slow inflation.
If inflation comes down, then it’s possible no more hikes are needed.
The Middle East made things worse, but had a CPI problem before.
Bond markets are reacting in an orderly way, but we are watching closely.
The board considered pause and 25-bps hike today.
Longer conflict lasts, more likely businesses will pass on costs.
Bond markets are reacting in an order;ly way, but we are watching closely.
Risks to inflation from AI boom are building .
One upside inflation risk has materialised, two are building.
Raising rates impacts inflation through a$ channel.
An have a gradual rise in unemployment rate without job losses.
Can have a gradual rise in unemployment rate without job losses.
Number of inflationary pressures making for a very difficult situation.
Aiming to tighten in a measured way.
Looking to schedule board meetings around abs inflation data.
No wage price spiral in Australia.
