Reserve Bank governor Michele Bullock says record-breaking levels of immigration are not adding to inflation, predicting overseas arrival numbers will soon return to normal levels.
In her penultimate address of the year, and her second major speech as governor, Ms Bullock said the inflation fight was entering a second, more prolonged, phase in which aggregate demand had to be lowered to meet aggregate supply.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
