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Australia’s underlying inflation remains too high, and further easing in domestic demand may be needed to bring price growth back to the Reserve Bank’s 2%-3% target, Governor Michele Bullock said in a speech on Tuesday. She noted that it remains uncertain whether the three interest rate hikes so far this year will be sufficient, as their full impact has yet to flow through the economy. Bullock warned that underlying inflation could rise further as higher oil prices linked to the Iran conflict feed into broader costs, while noting the labor market also needs to cool further. “The board is prepared to act as required to achieve its mandate, including by increasing the cash rate further if needed,” she said. Meanwhile, the recent surge in oil prices highlights the uncertainty from the Middle East war, with more businesses indicating they intend to pass higher costs on to consumers. Bullock added that growth is slowing as expected while the housing market weakened more than anticipated.
