RBA Governor Bullock: Board Ready To Raise Cash Rate Further If Needed
Key Question Is Whether Tightening Already Delivered Is Enough To Slow Inflation - Policy Operates With A Lag, With Full Effects Of This Year's Rate Increases Yet To Be Felt - Best Contribution Monetary Policy Can Make Is To Maintain Low, Stable Inflation - Some Further Easing In Demand Growth And The Labour Market Likely Needed To Bring Inflation Down - Underlying Inflation Has Evolved As Expected But Remains Too High - Hearing From Businesses That Non-Labour Cost Pressures Continue To Pick Up - Housing Market Has Eased More Than Anticipated - Demand Growth Appears To Be Moderating Broadly As Expected In May Baseline Forecasts - Economy Has Adjusted Gradually And Broadly As Expected - Too Early To Assess The Full Economic Effects Of The Oil Shock - Says Monetary Policy Cannot Address The Economy's Slow Productivity Growth
Key Question Is Whether Tightening Already Delivered Is Enough To Slow Inflation - Policy Operates With A Lag, With Full Effects Of This Year's Rate Increases Yet To Be Felt - Best Contribution Monetary Policy Can Make Is To Maintain Low, Stable Inflation - Some Further Easing In Demand Growth And The Labour Market Likely Needed To Bring Inflation Down - Underlying Inflation Has Evolved As Expected But Remains Too High - Hearing From Businesses That Non-Labour Cost Pressures Continue To Pick Up - Housing Market Has Eased More Than Anticipated - Demand Growth Appears To Be Moderating Broadly As Expected In May Baseline Forecasts - Economy Has Adjusted Gradually And Broadly As Expected - Too Early To Assess The Full Economic Effects Of The Oil Shock - Says Monetary Policy Cannot Address The Economy's Slow Productivity Growth