RBA Minutes from the June meeting stated that policy needed to remain restrictive and will do what is needed to achieve price stability including raising rates if necessary

Says: Board saw merit in using the room created by earlier hikes to assess how the economy was faring.  Leaving rates unchanged would best balance inflation and jobs objectives.  Economy was operating with excess demand and broad-based price pressure.  Middle East conflict still posed material upside risks to inflation and downside risks to activity. Agreed financial conditions were now likely somewhat tight.  Sustained high oil prices could flow through to prices and wage-setting decisions. Members noted risks of a potentially significant weakening in the housing market.  Softer housing market and expected slowdown in housing credit suggested tighter funding conditions. Persistently weak productivity could hinder progress on bringing inflation to target. Recent data were mixed but suggested the economy was cooling broadly as expected.  Board noted the housing market was weaker than anticipated due to rate hikes and tax changes.  Discussed whether strength in data-centre activity could add to capacity constraints in the economy.  Household spending growth had not eased materially.