Reserve Bank of Australia Faces Growing Pressure Ahead of November Meeting

Reserve Bank of Australia (RBA) Governor Michele Bullock has emphasized that inflation in Australia remains too high, following third-quarter consumer price data that exceeded expectations. She pointed to persistent price pressures driven by rising energy costs and domestic demand that continues to outstrip the economy’s capacity to meet it.

Bullock refrained from signaling the RBA’s stance on interest rates ahead of its scheduled meeting on November 2–3. Meanwhile, other bank officials have noted that inflation remains elevated, while ruling out the possibility of the Australian economy falling into a recession.