‘Shock’: RBA’s latest warning to Aussies

“The problem is that we’ve just got shock after shock after shock,” Ms Bullock said in remarks to the inaugural Australian Financial Security Authority summit in Sydney on Wednesday.

The escalating conflict in the Middle East has pushed global oil prices about $US91 a barrel. Picture: AFP / Paul Ratje. “Typically when we think about shocks to supply that increase prices, you’d think ‘well, that’s probably okay. It’ll wash out’,” Ms Bullock said. “And the more people adjust their inflation expectations, the more entrenched inflation is likely to become. So that’s the challenge.”

“So it’s really … a bit of a balancing act here on the potential implications. I think at the moment, we are a little bit more worried about the potential inflation implications of this,” she said.Ms Bullock’s remarks followed the release of the RBA’s October board meeting minutes – her first as the central bank’s new governor – which indicated the RBA would raise the cash rate a 13th time if inflation was not returning to the 2 to 3 per cent target as soon as anticipated.

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