Governor Michele Bullock addressed reporters following the RBA's decision to hold interest rates steady. She fielded questions about inflation, rate cuts, and the bank's forward guidance, emphasizing that it's too early to discuss specific cut amounts.
Meanwhile, China's top financial regulators have unveiled a slew of measures to aid the country's stuttering economy.
The governor is currently facing a broad range of questions spanning from interest rates, proposed parliamentary legislation to criticism levelled at the RBA in recent times and whether the central bank considers the human impact of its actions. "And the assessment was not enough, and it was mixed enough for us not to change our view from last time. Having said that, the message clearly from the board is that in the near term it does not see interest rate cuts."Ms Bullock has touched on a speech she made earlier this month that some hard-hit households may have to "sell their homes" amid the cost-of-living crisis.
"And in trying to tread this narrow path and maintain the gains in the labour market, one of the most important things for people to be able to continue to meet their expenses and keep their homes is that they have employment, and that's why it's so important for us that we get this balance between bringing inflation down while trying to keep the gains in the labour market.
"The board needs to be confident that inflation is moving sustainably towards the target, before any decisions are made about a reduction in interest rates," she said.She begins by saying that progress in getting underlying inflation down "has slowed", and it's likely to have remained slow in the September quarter.
"When it comes to the Reserve Bank and the government, we have the same objective when it comes to getting on top of inflation without ignoring the risks to growth in our economy," he said.consumption has been weak, discretionary spending has been going backwards.said interest rates "haven't gone up for the best part of the year".
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