In an event today, RBA Deputy Governor Andrew Hauser emphasized the need for comprehensive analysis before making policy decisions, stating, “it would be a bad mistake to set policy on the basis of one number and we don’t intend to do that.”
This comment comes in the wake of Australia’s May CPI release earlier this week, which showed an unexpected acceleration to 4%, leading money markets to price in a 50-50 chance of another 25bps rate hike in August.
Hauser highlighted the importance of considering the broader economic context, noting that the monthly consumer price indicator provides only partial information.
He stressed, “there’s a whole series of data coming out between now and when we meet in August.”
