Reserve Bank governor Michele Bullock is warning of further rate rises saying they may be needed to control inflation.
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00:00 It's possible that this can be done with the cash rate at its current level, but there
00:05 are risks that could see inflation return to target more slowly than currently forecast.
00:12 And the Board won't hesitate to raise the cash rate further if there's a material upward
00:17 revision to the outlook for inflation.
00:21 At the same time though, the Board is mindful that growth in demand and the rate of inflation
00:26 have been moderating, and that there are long lags in the transmission of monetary policy.
00:32 Now the Board will receive several pieces of information before its next meeting that
00:37 will be very important for this assessment.
00:40 This includes a full update of the staff's forecasts.
00:43 We're going to reconsider the outlook for the economy in the light of incoming information,
00:49 and we'll have opportunities to explain our assessment in the media release and the statement
00:54 on monetary policy, which will follow the November meeting.
00:57 [BLANK_AUDIO]