The RBA has 'limited' patience for high inflation rates and considered raising interest rates again, meeting minutes reveal.
The Reserve Bank of Australia said it will raise interest rates further if it needs to, as it predicts a rocky ride to its goal of lowering inflation. The bank considered raising interest rates at its latest meeting in early August and may decide to do so in September if inflation does not trend towards falling below the bank's targets, minutes published today reveal.
35 per cent at its August meeting, RBA governor Michele Bullock hinted a rate cut may not come for at least six months. Independent economist Saul Eslake said it was notable that Bullock, "having previously disavowed any intention of giving 'forward guidance', subsequently went to some lengths to rule out a cut in the cash rate 'in the near term'".
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