RBA Governor Michele Bullock told lawmakers today that the economy is in a “pretty good spot,” with inflation back within the 2–3% target band and the labor market still tight. Speaking before a parliamentary committee in Canberra, she said, “the key now is to make sure it stays there sustainably.”
She said that services inflation remains the main concern, running “a little sticky” at around 3%, even as goods inflation continues to moderate. That offset has kept headline inflation contained for now.
On employment, Bullock said the labor market is in “a pretty good place”, though “possibly a little bit tight” in certain sectors. The RBA expects unemployment to edge higher over the coming months, a move consistent with a gradual rebalancing.
She also highlighted that household consumption is picking up, filling the gap left by weaker public demand—an important transition, she said, to keep growth on track.
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