Bullock Emphasises Inflation Focus

• RBA Governor Bullock’s Anika Foundation speech yesterday focused on the broader policy framework, reiterating the Bank’s dual mandate of price stability and full employment.
• She noted the labour market remains “somewhat tight,” consistent with the May SoMP, and played down June’s rise in the unemployment rate to 4.3%.
• In the Q&A, Bullock said that if the Board had the June labour data before the July meeting, the outcome likely wouldn’t have changed.
• The key takeaway was that next week’s Q2 CPI remains central to the policy outlook, with Bullock reiterating a “measured and gradual” approach to easing.