RBA Governor Bullock says board hopes to slow the economy the economy, sees upside risks to inflation; will raise rates again if needed

RATES Did not discuss a rate cut at the meeting, only raise or maintain Board is thinking hard about when it might be appropriate to raise rates. Argument for a hike includes inflation still being high and upside risks from the Middle East. Board decided to wait for a bit more inflation, rate hike is still front of mind. Possible we need to hike again. ECONOMY Expects period of subdued economic growth will be required to bring inflation down. RBA needs more information. Housing market is not keeping us on hold.