RBA’s Bullock: Need to see results on inflation before lowering rates

Reserve Bank of Australia (RBA) Governor Michele Bullock is responding to the questions from the audience following her speech at the Anika Foundation, in Sydney on Thursday.

Key quotes

Level of demand for goods and services higher than supply.

Need to see results on inflation before lowering rates.

Trying to manage demand down to where it is in line with supply.

Trying to manage demand so unemployment does not rise too much.

Interest rate policy is clearly working.

Board is not going to focus on one inflation number.

Slightly elevated A$ is positive for inflation fight.

Will be looking closely at Q3 CPI, but there are other indicators.

Need to see inflation slowing in the actual numbers before acting.