Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser said that the central bank still has work to do to reduce inflation, which remains far too high, Reuters reported on Wednesday.

Key quotes

 Still have work to do to reduce inflation, which remains far too high.

Timely policy steps to reduce inflation could have smaller unemployment costs.

Took pro-active policy action to reduce excessive capacity pressures with rate hikes.

Lower global oil prices would be welcome development, full conflict resolution not yet assured.

Have been important economic developments since may, not least prospect of US-Iran deal.

Speech covers nonlinearity and steepness of the Phillips curve.

Market reaction

At the time of writing, AUD/USD is holding higher ground near 0.6910, losing 0.10% on the day.

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