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RBA not concerned about stagflation or wage-price spiral
RBA governor Michele Bullock says global central banks have learned lessons from the 1970s. (ABC News: Supplied)
RBA governor Michele Bullock says the war in the Middle East is creating a "highly uncertain" environment that could see inflation rising even higher than anticipated.
But she is not concerned about stagflation occurring in Australia, nor a wage-price spiral.
The RBA Board's next two-day monetary policy meeting will be held on June 15 and 16.
Reserve Bank governor Michele Bullock says the war in the Middle East is creating a "highly uncertain" environment that could easily contribute to even higher global and domestic inflation than anticipated.
RBA boss says economy can weather war and avoid recession
Reserve Bank governor Michele Bullock believes the country will avoid a recession even if oil prices continue to climb, while rejecting even the notion that Australia is facing a period of stagflation.
On a day that US President Donald Trump warned that the Strait of Hormuz could remain closed until September, the governor used a Senate committee hearing to argue that despite the economic headwinds caused by the war, the economy was still likely to grow over the coming years.
The war has delivered a global shock to growth and inflation, with central banks around the world either lifting interest rates or signalling their intentions to tighten monetary policy. The Reserve Bank itself has lifted interest rates three times this year, although financial markets believe it will not move at its June and August meetings.
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