The RBA Board remains vigilant to upside inflation risks and believes policy needs to remain restrictive.
According to the Minutes, the Board sees no "immediate need" to change the cash rate, but nothing is ruled out regarding future changes.
The Board discussed scenarios where policy would need to stay restrictive for longer or tighten further.
The report showed that the bank considers that rates might need to rise if the Board judged that policy was not as restrictive as assumed.
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