RBA's Bullock: We're bringing down inflation and keeping jobs very satisfying

Reserve Bank of Australia (RBA) Governor Michele Bullock spoke at the Australian Business Economists' Annual Dinner, in Sydney on Monday.

Key quotes

Monthly numbers can be volatile but unemployment rate jump was a surprise.

Unemployment could come down again next month.

The board is cautious about policy, interest rates are still a bit restrictive.

Inflation is back in the target band and unemployment rate is still pretty low so still in good condition.

We will have to decide whether a cut is needed to help the job market.

Rates might not come down as far as others.

If we end up with core inflation at 0.9% that would be a material miss (this would be 0.3% above their forecast for the Q/Q measure).

There's still a bit of tightness in the labour market.

US tariffs could potentially be deflationary for Australia.

Supply of labour not growing as fast as it was.

Labour market won't fall off a cliff.

I'm prepared to change my mind and move if we prove wrong on the labour market.