It took only two minutes for Michele Bullock to refer back to Philip Lowe’s warning about high inflation. She is staying the course.
It takes a lot for a central bank to change course – more than just a change of leadership as new Reserve Bank governor Michele Bullock has now made abundantly clear.
Bullock said the bank’s credibility and bedrock commitment to low and stable inflation was important above all else, and deferring from that path would only lead to considerable long-term costs. Bullock’s 20-minute maiden speech was delivered to a room of about 200 bankers, asset managers and Australian company executives in Sydney on Tuesday night, gathered for a conference organised by Commonwealth Bank of Australia. They spent two days talking about Bullock and the economy, before the governor herself had her say.
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