Analysis

Michele Bullock’s million-dollar inflation question

How people react to higher prices for regular items such as petrol, food and rent is keeping the new RBA governor awake at night.

John KehoeEconomics editor

Oct 20, 2023 – 12.37pm

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Reserve Bank of Australia governor Michele Bullock is noticing price pain at the petrol pump. Millions of motorists are feeling it in their hip pockets, too.

Bullock is anxious that the sticker price shock for fuel and other everyday household items could have implications for expectations of inflation and, potentially, the RBA’s interest rate decisions.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.