RBA Lowe: Board expects that further increases will be required over the months ahead

Developing story

Reserve Bank of Australia's governor, Phillip Lowe, is speaking on topics related to Inflation, Productivity and the Future of Money. The event is ''The Australian Strategic Business Forum – Melbourne''.

The event can be listened to here.

Key comments so far

RESERVE BANK OF AUSTRALIA GOV LOWE:  WELCOME THE ANNOUNCEMENT TODAY BY THE GOVERNMENT OF THE DETAILS OF THE REVIEW
    
    19-Jul-2022 17:11:03 - RBA GOVERNOR:  CPI FOR THE JUNE WILL SHOW A FURTHER STEP-UP IN  INFLATION RATE, ANOTHER STEP-UP IS EXPECTED LATER THIS YEAR
    
    19-Jul-2022 17:11:04 - RBA GOV LOWE:  STRONGER PRODUCTIVITY GROWTH IS LIKELY TO MEAN A HIGHER NEUTRAL REAL INTEREST RATE
    
    19-Jul-2022 17:11:16 - RBA GOV LOWE:  RECENT TRENDS IN PRODUCTIVITY GROWTH HAVE NOT BEEN PARTICULARLY ENCOURAGING,
    
    19-Jul-2022 17:11:24 - RBA GOVERNOR:   WE DON'T NEED TO RETURN INFLATION TO TARGET IMMEDIATELY
    
    19-Jul-2022 17:11:42 - RBA GOVERNOR:  WE DO NEED TO CHART A CREDIBLE PATH BACK TO  2–3  PERCENT
    
    19-Jul-2022 17:11:52 - RBA GOV LOWE:   IMPORTANT CONSIDERATION IS HOW INFLATION EXPECTATIONS AND THE GENERAL INFLATION PSYCHOLOGY IN THE COMMUNITY EVOLVE
    
    19-Jul-2022 17:11:57 - RBA GOVERNOR:  POSSIBLE TO DO THIS, BUT THE PATH AHEAD IS A NARROW ONE AND IT IS CLOUDED IN UNCERTAINTY
    
    19-Jul-2022 17:12:21 - RBA GOV LOWE:  NEUTRAL NOMINAL RATE IS AT LEAST 2½ PER CENT. IT WOULD BE HIGHER THAN THIS IF MEDIUM-TERM INFLATION EXPECTATIONS WERE TO SHIFT HIGHER.
    
    19-Jul-2022 17:12:36 - RBA GOV LOWE:  EMPHASISE THAT THE CONCEPT OF THE NEUTRAL RATE IS NO MORE THAN ONE REFERENCE POINT FOR THE BOARD.
    
    19-Jul-2022 17:12:40 - RBA GOVERNOR:  THE PATH BACK TO  2–3  PERCENT INFLATION REQUIRES AN INCREASE IN SUPPLY AND SOME MODERATION OF DEMAND
    
    19-Jul-2022 17:12:54 - RBA GOV LOWE:  NEUTRAL IS NOT THE BASIS OF A MECHANICAL RULE AND WE ARE NOT ON A PRE-SET PATH TO ACHIEVE ANY SPECIFIC LEVEL OF THE CASH RATE
    
    19-Jul-2022 17:13:24 - RBA GOVERNOR:  BOARD EXPECTS THAT FURTHER INCREASES WILL BE REQUIRED OVER THE MONTHS AHEAD

Meanwhile, AUD/USD is a touch higher on the day so far by 0.15% and oscillates at around 0.6900.