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RBA Governor Bullock says supply shocks are difficult for monetary policy to deal with, and policy needs to deal with second round effects on inflation
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RBA Governor Bullock highlighted supply shocks, Middle East tensions, and excess demand as inflation risks, noting unemployment between 4.5-5% could ease pressures while avoiding policy signals.
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Says: Current decline in house prices is consistent with past episodes. Unemployment at 4.5‑5% is likely to reduce inflation pressure. She is not signalling anything on policy and it is up to the board. Inflation risks are materialising from the Middle East and excess demand at home.
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