RBA Assistant Governor Sarah Hunter said today the central bank is “close to getting inflation to target,” with risks around the outlook now appearing “balanced”. She emphasized that monetary policy works with a delay and must remain forward looking.
Hunter also noted that household spending has “picked up a bit,” with consumption showing signs of improvement and the broader position “beginning to turn over.” She added the RBA is “very closely monitoring” the underlying strength of consumer demand as it seeks to keep the economy near full employment.
July’s CPI outcome was partly affected by timing of rebates, she explained, while core inflation appears broadly in line with forecasts.
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