Michele Bullock

There were two dissenters of the nine voting members, which compares to the Fed, which had a unanimous decision.

We've also heard from the Reserve Bank Governor today, Michelle Bullock, this morning.

And she basically spoke before a parliamentary committee and she said that inflation is likely to remain elevated for quite some time due to the recent re-escalation of the Middle East conflict.

So just on a side note, motorists are currently paying between 30 and 40 cents per litre more for unleaded fuel now compared to what they were paying before the conflict in late February.

In fact, some economists and a lot of pricing on financial markets is now suggesting not only will the RBA hike in September, but it might back it up with another rate hike in November, that the market odds now for a September rate hike are 95% according to futures pricing.

And really what Michelle Bullock said is it's a tough time to be a central banker.

I think we have to acknowledge that the trade-off has got worse, that this particular Middle East shock has made us poorer, and we can't respond to that by letting inflation get out of control.

In fact, it's more important than ever that we bring inflation back to target.

So that's the governor, Michelle Bullock.

Is it fair to say that the deputy governor who was also appearing was dampening hopes that even if things do settle down in the Middle East, rates might not go back down again?

Yes, Barbara, Andrew Hauser, the Deputy Governor, who sort of started a lot of the real rate rise speculation with his interview with Sarah Ferguson on 7.30 last week, doubled down, if you like, today at the Parliamentary Committee.

Prosecutors objected to the bail application, arguing he presents a flight risk.

Speaking before a parliamentary committee in Canberra today, Reserve Bank Governor Michelle Bullock says she expected higher oil prices to be short-lived.

As the war in the Middle East continues, interest rates around the world are rising, with the US Fed increasing rates this week and local markets predicting another hike for Australia later this month.

The RBA governor doesn't think inflation will drop to its preferred rate until late 2027.

Because of these capacity pressures and the Middle East conflict, inflation is likely to remain elevated for some time.

RBA Governor Michelle Bullock tells the Parliament Standing Committee on Economics that inflation is not easing anytime soon, as she reiterates her hawkish stance ahead of the RBA meeting at the end of this month.

We'll speak with Mya Bui, economist to AMP, for her take shortly.

Plus, a lifeline for Bathwa, as the court grants administrators an extension to progress its projects subject to financing.

And Whitehaven Coal also weakening off.

It was down by about 2.8% after a capital management update yesterday.

But of course, the big story at the moment, RBA Governor Michelle Bullock has faced the Parliament Standing Committee on Economics reiterating that the risk to inflation is to the upside as capacity pressures in the Australian economy and the war in the Middle East continues to put pressure on prices.

Now, she added that since the RBA last met in August, there are more upside risks to inflation.

In a couple of weeks' time, the RBA board will meet where they will make their next decision on inflation.

The Reserve Bank Governor Michelle Bullock today has appeared before a House of Rets Parliamentary Committee on Economics, and she's issued a warning.

She says inflation is too high, and she's given the hint.

She doesn't come out and say it directly, but she has certainly hinted that interest rates are on the way up again.

There'll be another increase in November.

So we could be looking at half a percent on the official cash rate before Christmas, which is not good.

Michelle Bullock says there is little sign of resolution to the Middle East conflict.

Oil and related prices have increased sharply again.

The bourse opened higher before losing ground throughout the day, then recovered a bit in the last minute surge.

An appearance by Reserve Bank Governor Michelle Bullock before a parliamentary committee today fuelled quite a bit of speculation that the reserve will hold.

hike rates at its next meeting with more action needed to get inflation under control.

Traders are now pricing in a 95% chance of another interest rate hike later this month.

So we'll obviously be very closely watching that.

And then the press release with Michelle Bullock.

She's actually, I think, speaking in Parliament today.

So we'll be keeping a close eye on what the cash rate is going to do.

With the latest from the SBS Newsroom, I'm Keren Thomas.

Expectations of another interest rate rise are surging after Reserve Bank Governor Michelle Bullock warned the risks of inflation are increasingly on the upside.

Ms Bullock has been appearing before a parliamentary hearing today, ahead of the Reserve Bank Board's next interest rate decision later this month.

She says inflation remains too high to with persistent global supply shocks making it harder for the bank to simply look through price pressures.

And she openly said that the RBA is concerned about it.

And every messaging we're receiving from the central bank senior leadership and those that sit on the board, being Deputy Governor Andrew Hauser, RBA Governor Michelle Bullock, is repeatedly saying, well, the risks are skewed to the upside.

They couldn't say that more.

Really, when they're presented with kind of forward direction, that's their go-to phrase.