Australia's central bank governor Michele Bullock defends the high interest rate policy and once again rules out the possibility of relaxing the policy in the short term. She warns that core inflation remains high and has seen almost no decline since last year, so she will remain vigilant about further inflationary pressures.

She stated that considering a rate cut at the moment is premature, although circumstances may change. If the economy does not develop as expected, the central bank will respond. However, if the economy develops as expected, the central bank does not expect to cut rates in the short term.

This week, Australia's Treasurer, Jim Chalmers, stated that the rising interest rates are dragging down the economy. Bullock stated that the central bank will continue to balance the two major goals of reducing inflation and maintaining the labor market as close to full employment as possible, but will prioritize the inflation target.