Reserve Bank governor Michele Bullock says the bank must walk a tightrope between taming inflation and preserving jobs, noting regional labour markets have been tighter than those in capital cities.
Reserve Bank governor Michele Bullock says the bank will not hesitate to raise interest rates if it needs to, even as it walks a knife’s edge between taming inflation and preserving jobs, noting regional labour markets have been tighter than those in capital cities.
On Tuesday, the RBA kept rates at 4.35 per cent, with Bullock noting the economy was still running hot as demand, particularly for services, continued to outpace supply and by a bigger magnitude than previously thought.
Bullock said while innovation in agriculture had boosted productivity in the regions significantly, it had led to a decline in jobs in that sector. However, she said regional labour markets had been tighter than those in capital cities recently.“After the pandemic, unemployment rates dropped significantly to very low levels across the country,” she said.
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