Reserve Bank of Australia governor Michele Bullock admitted her predecessor Philip Lowe took too long to raise interest rates when inflation took off in mid-2021 and said she cut the cash rate this week because the board did not want to be late again.

Appearing before the House of Representatives economics committee just days after cutting the cash rate to 4.1 per cent, Bullock reiterated she did not expect to lower interest rates again in the near future amid lingering concerns about inflation and the strong jobs market.