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Governor Michele Bullock of the Reserve Bank of Australia (RBA) defended the central bank’s stance on maintaining high interest rates in a speech on Thursday, emphasizing that rate cuts are not in the near-term outlook. Bullock addressed money market and banking sector participants, reiterating that core inflation remains a significant issue, with little decline over the past year. The RBA remains vigilant against any potential increases in inflation.
Bullock’s remarks came after Treasurer Jim Chalmers criticized the impact of elevated interest rates on the economy, particularly after second-quarter GDP data revealed the weakest performance since the early 1990s, excluding the pandemic. Household spending has also plummeted, echoing conditions last seen during the global financial crisis. Despite these challenges, Bullock made clear that the RBA’s primary focus is on reducing inflation, even as the economy slows.
This defense of the RBA’s independence and commitment to policy goals comes at a time when Australia has so far avoided recession. The RBA is balancing its aim to reduce inflation, which climbed to 3.9% in the second quarter, with maintaining full employment. However, with interest rates remaining at 4.35%, the risk of further economic slowdown remains high.
In response to political pressure, Bullock emphasized that while circumstances may change, the RBA would adjust its policy if the economic outlook deviates from expectations. However, she stressed that controlling inflation remains the RBA’s top priority.
Bullock concluded by affirming that while the RBA is tasked with defending employment and lowering inflation, inflation control will continue to take precedence, signaling no immediate shift in the bank’s monetary policy.
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