The Reserve Bank of Australia's governor adopts a hawkish tone at the monetary policy press conference.

The Governor of the Reserve Bank of Australia, Michelle Bullock, adopted a hawkish tone during her remarks at the monetary policy press conference on Tuesday, following the announcement of the November monetary policy decision, which included keeping the cash rate unchanged at 4.35% for the eighth consecutive meeting. Some of Bullock's main statements during the conference were:

• I believe interest rates should remain constrained for now.
• The labor market remains tight.
• Wage growth continues to slow.
• The monetary policy settings of the Reserve Bank of Australia are restrictive.
• The current monetary policy settings are appropriate at this time.
• I believe there are still upside risks to inflation.
• The underlying inflation rate of 0.8% will not bring us back into the target range.
• If Australian economic growth slows more than expected, we will be ready to act and put a stop to it.
• We need to be convinced that underlying inflation is heading back towards the target range.
• This does not necessarily mean that inflation needs to return to the range before we start to act.
• The discussions today were similar to the September meeting.
• The conversation focused more on what the RBA needs to see to shift its stance on monetary policy.
• We aim to maintain a strong labor market.
• The current path of the cash rate set by the market is like any other path.
• Risks are somewhat balanced in terms of inflation and monetary policy.
• Consumption, housing prices, and slow productivity are some risks to economic growth, but we are prepared to act if the data indicate so.
• We cannot overlook the risks arising from external developments, but our main focus is on the domestic front.