Michele Bullock’s first Reserve Bank board meeting as governor warned that world oil prices now being pushed higher by deepening conflict in the Middle East could prompt it to lift interest rates again to tame inflation.
“The board has a low tolerance for a slower return of inflation to target than currently expected,” revealed the minutes of the October 3 board meeting released on Tuesday.
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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
