The opening statement of the governor of the Reserve Bank of Australia Michelle Bullock was as follows:
- The Bank of Australia believes that it currently has the right balance between reducing inflation in a reasonable time frame.
- Our goal of full employment cannot be achieved by allowing inflation to remain above the target indefinitely.
- The board of Directors remains focused on the potential risks of inflation.
- The bank's Board of Directors is trying to return inflation to the target level within a reasonable time frame, while preserving as much as possible the gains that we have made in the labor market over the past period.
- Further progress has been made with regard to inflation, but progress has been very slow.
- The economic outlook remains highly uncertain. Core inflation is still very high.
- It is too early to think about lowering interest rates, the current situation does not allow lowering interest rates in the short term.
- While the inflation in the prices of goods has decreased significantly, it has not been enough to compensate for the continued rise in inflation in the prices of services.
