Bullock was asked by a reporter whether she receives letters from Australians struggling with their finances, as her predecessor Philip Lowe had mentioned.

Source: SBS News

She said she does get similar messages, adding: “My message has been in the past and continues to be — I understand that you are hurting, and I understand that mortgage rates have increased a lot and you’re finding that hitting your disposal income.”

The RBA’s target for underlying inflation is between 2 and 3 per cent.

Source: SBS News

Underlying inflation for the December quarter eased to 3.2 per cent, the lowest rate since late 2021, according to the Australian Bureau of Statistics (ABS). It was at 3.6 per cent in the previous quarter.

The RBA uses the trimmed mean — which removes the biggest price swings — to measure underlying inflation. It grew 0.5 per cent in the December quarter, the ABS said, which was one of the smallest increases since November 2020.

What could spark another rate rise?

“Now, what we’ve observed from overseas, we have observed it a bit here as well, it can be bumpy. It’s not a smooth ride,” she said.

Source: SBS News

Bullock said more information on inflation will be revealed in data in the next few months, which includes “volatile quarterly numbers”.

“This is the rate relief Australians need and deserve.”