Reserve Bank of Australia (RBA) Governor Michele Bullock stated that the upcoming inflation data is not a factor in their decision to maintain interest rates. She emphasized that government energy rebates are temporary and won't influence a near-term rate cut, despite market predictions.
Already a subscriber?Reserve Bank governor Michele Bullock says she will ignore data due on Wednesday that is expected to show inflation falling back into the central bank’s target band for the first time in three years, warning government energy rebates will not bring forward an interest rate cut.
“The point I would make is that if tomorrow we get an inflation number with a two in front of it, so it’s back in the band, that doesn’t mean that we’ve got inflation under control. It doesn’t mean that inflation is sustainably back within the band,” Ms Bullock said. “We are making welcome and encouraging progress in the fight against inflation and the fact that rates haven’t gone up for the best part of the year now is an indicator of that,” Dr Chalmers said after the RBA decision.
The Fed joined central banks including the Bank of England, the European Central Bank and the Bank of Canada in a global easing cycle that the RBA has no plans to enter until next year.After delivering 13 interest rate rises since May 2022, the RBA has repeatedly stressed it will not cut interest rates just because other advanced economy central banks have.
RBA Interest Rates Inflation Governor Bullock Government Rebates
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australians have ‘forgotten how bad’ high inflation can be, RBA Governor Michele Bullock says7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Hates for rates: RBA governor Michele Bullock’s tough-talking first yearFrom a bitter political fight on rates to inflationary haircuts, Bullock’s term as Reserve Bank governor is unlikely to get easier.
Read more »
Hates for rates: RBA governor Michele Bullock’s tough-talking first yearFrom a bitter political fight on rates to inflationary haircuts, Bullock’s term as Reserve Bank governor is unlikely to get easier.
Read more »
Hates for rates: RBA governor Michele Bullock’s tough-talking first yearFrom a bitter political fight on rates to inflationary haircuts, Bullock’s term as Reserve Bank governor is unlikely to get easier.
Read more »
RBA Governor Bullock Faces Press Scrutiny on Interest Rates and Future PlansGovernor 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.
Read more »
Bullock's Lowe moment has put an end to the uneasy political truce over the RBAThe Reserve Bank governor's prediction that she would hold interest rates for six months was the unlikely trigger for a political war over her institution.
Read more »