The most important statement was the following:
- Inflation remains above the target and proves to be persistent.
- The forecast remains very uncertain.
- The process of returning inflation to the target has been slow and turbulent.
- High labor costs and persistent inflation indicate upward risks for prices.
- There is also still a high level of uncertainty about the external outlook
- Inflation in basic terms remains very high
- It will take some time before inflation becomes sustainable in the target range
- Policy will need to be sufficiently restrained until confidence returns that inflation is moving sustainably towards the target range
- The Reserve Bank of Australia does not rule out anything in or out of the next policy steps.
The statements of the governor of the Reserve Bank of Australia Michelle Bullock at her press conference were as follows:
- The progress of inflation has been slow for a year now.
- We must stay on track with inflation.
- There is still a risk that inflation will take a long time to return to the target.
- Interest rates may need to stay higher for longer.
- But there is also a risk that the other side will check the result.
- There is still a high degree of uncertainty.
- The reduction of the cash interest rate in the short term is not in line with our current thinking.
- Interest rate cuts are not on the agenda in the near term.
- We have thought about raising interest rates, we are ready to raise them if necessary.
- If inflation does not track the way we expect, we will raise interest rates.
- You should be careful and calm about market fluctuations.
- The markets are pricing interest rate cuts too early, and this is not in line with the board's thinking.
- Market forecasts are slightly ahead of themselves.
