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Despite inflation falling from its 2022 peak, underlying inflation remains high, with the RBA indicating it won’t hit its target until 2026.
The move comes after the Greens secured key concessions from the Labor government.
RBA holds cash rate steady as tight labour market delays inflation’s return to target, projecting stability by 2026.
Bullock stated that Australia sets its interest rates based on domestic circumstances, noting that we have been less restrictive compared to some others.
Having first been skeptical about the appointment of Bullock, my first impressions seem to be wrong.
Measures of inflation since November have developed in line with the RBA’s expectations, prompting the bank to put the cash rate on hold for December.
‘This shift from mainly supply-driven to mainly demand-driven inflation has been a part of our inflation outlook for some time,’ said RBA governor.
