Commenting on the Reserve Bank of Australia's latest decision to leave its cash rate at 4.35%, the central bank's governor Michele Bullock acknowledged there was a discussion on whether to hike rates at the meeting but the board decided to stay the course on policy. She also unveiled that the RBA's board did not discuss a rate cut at its latest meeting.
The RBA's chief noted that the RBA's policymakers are very conscious that high rates are hurting some sectors of the country but inflation is also hurting the people, so they are focused on bringing it down. “We need a lot to go our way if we’re going to bring inflation back down to the 2-3% target,” she added.
Bullock also said that Australia's latest economic data reinforced the need to remain vigilant to the upside risk of inflation but stressed that she would not say that the case for a rate hike is increasing.