Michele Bullock speaks after RBA lifts interest rates to 4.60 per cent | IN FULL
Reserve Bank Governor Michele Bullock says inflation remains too high and hasn’t ruled out further rate rises to bring it to down.
The Reserve Bank’s Monetary Policy Board voted unanimously to lift the cash rate by 25 basis points to 4.60 per cent — a 15-year high. It’s the fourth interest rate rise this year and was widely anticipated by all major banks and many economists.
Bullock says today’s interest rate hike is needed to slow demand and prevent high inflation from becoming embedded.
00:00 Michele Bullock’s address
02:31 High unemployment and falling house prices
08:04 Where does the RBA expect interest rates to go?
09:33 Who’s responsible for improving productivity?
11:30 “The Middle East conflict is a big shock and has made us all poorer”
15:12 Did the RBA consider holding?
20:41 Sustained inflation is bad for employment
22:42 Treasurer says inflation is beyond his control
25:37 How likely is the risk of “stagflation”?
30:55 “This is not a wage-price spiral”
40:31 “We have a structural undersupply of housing”
42:14 Card surcharge “number one dislike” for consumers
43:46 Bullock “confident” interest rates can get inflation back to target
48:11 Bullock hopeful a recession “not needed”
52:36 Is the RBA underestimate impact on borrowers?
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