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Bullock Still Mindful Of Inflation Risks

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RBA Governor Bullock speaking on an ASIC panel in Melbourne.

  • Comments from Bullock on inflation still struck a hawkish tone. Stating a lot of focus has been on supply shocks, but there is a demand element as well which the RBA and other central banks have been trying to get on top of. Lack of productivity growth a particular problem in Australia as well, with unit labor costs running higher in recent years. Thirdly, current geopolitical backdrop more prone to supply shocks, so risk is if such events are expected, inflation expectations are at risk of adjusting higher.
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RBA Governor Bullock speaking on an ASIC panel in Melbourne.

  • Comments from Bullock on inflation still struck a hawkish tone. Stating a lot of focus has been on supply shocks, but there is a demand element as well which the RBA and other central banks have been trying to get on top of. Lack of productivity growth a particular problem in Australia as well, with unit labor costs running higher in recent years. Thirdly, current geopolitical backdrop more prone to supply shocks, so risk is if such events are expected, inflation expectations are at risk of adjusting higher.