RBA governor says Australia different to other countries on...

RBA governor says Australia different to other countries on rates

Sarah Jones

Reserve Bank governor Michele Bullock said the economic circumstances were a “little different” than they are overseas where central banks have started to cut interest rates.
“Most of those countries had official interest rates up around five or over 5 per cent so in our judgment, we look at how restrictive some of those countries are relative to us,” she said at the press conference.
“We’re restrictive, but we think they’re more restrictive than us.”
“We didn’t go up as high,” she added. “We haven’t seen the same deterioration the labor market some of these countries have seen yet, and we are yet to see some of this inflation that they are, but we’re watching for that.”

RBA still sees no rate cuts in near term

Sarah Jones

RBA governor Michele Bullock said while the board did not consider an interest rate rise at this month’s board meeting, they did discuss whether their messaging from the central bank should change on rate cuts.
“We didn’t explicitly consider an interest rate rise because the framing of the discussion was what has changed since last time? 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.”