RBA’s Bullock: Need to slow demand for goods, services, and labor

Following a speech, Reserve Bank of Australia (RBA) Deputy Governor Bullock is now taking audience questions at the AI Group conference, in Newcastle, on Tuesday.

Key quotes

Inward migration has helped with worker shortages.

But migration adds to demand and is not the full solution.

Need to slow demand for goods, services, and labor.

Higher rates are the only tool the RBA has to curb inflation.

Important that government not add to demand and wages not rise too fast.