Reserve Bank of Australia (RBA) Governor Michele Bullock is speaking on the policy outlook at a press conference following the announcement of the monetary policy decision on Tuesday.
Bullock is responding to questions from the press, as part of a new reporting format for the central bank.
Key quotes
Board understands people are doing it tough, but still more work to do.
Still got a little way to go to get inflation down.
Not ruling anything in or out on policy.
Tax cuts are not material issue for inflation, spending.
Need to be sure we dont have to backtrack on inflation.
Signs are we are on narrow path to reaching inflation target.
Risks for rates are fairly balanced.
Midpoint of 2-3% range is where we want to be.
Need to be convinced inflation will get back to range and stay there.
Need to convinced on inflation before thinking of rate cuts.
Market reaction
AUD/USD is holding higher ground near 0.6515 on the above comments, adding 0.49% on the day.
Australian Dollar price today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.06% | -0.13% | -0.21% | -0.51% | -0.08% | -0.29% | -0.10% | |
| EUR | 0.05% | -0.07% | -0.16% | -0.46% | -0.03% | -0.23% | -0.04% | |
| GBP | 0.13% | 0.07% | -0.10% | -0.39% | 0.04% | -0.19% | 0.03% | |
| CAD | 0.19% | 0.16% | 0.09% | -0.31% | 0.14% | -0.09% | 0.13% | |
| AUD | 0.51% | 0.46% | 0.39% | 0.31% | 0.43% | 0.23% | 0.42% | |
| JPY | 0.08% | 0.03% | -0.05% | -0.12% | -0.45% | -0.22% | -0.02% | |
| NZD | 0.30% | 0.23% | 0.18% | 0.08% | -0.22% | 0.22% | 0.21% | |
| CHF | 0.10% | 0.03% | -0.04% | -0.13% | -0.44% | 0.01% | -0.21% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Source: https://www.fxstreet.com/news/rbas-bullock-still-more-work-to-do-still-got-a-little-way-to-go-to-get-inflation-down-202402060435