The Reserve Bank of Australia said, however, that the level of inflation is still too high. The board of directors determined that in light of the recent situation, it is necessary to further tighten financial conditions to support inflation returning to the target range within a reasonable period of time. Australia's recent inflation performance was better than expected at the time of the last meeting. The central bank board will continue to take the measures it deems necessary to keep inflation back to the target level in a sustainable manner; if necessary, it will further raise the cash interest rate target. Monetary policy is fully prepared to respond to changes in the situation, and the Monetary Policy Committee will focus on its statutory goals and work to achieve stable prices and full employment.

The Reserve Bank of Australia said, however, that the level of inflation is still too high. The board of directors determined that in light of the recent situation, it is necessary to further tighten financial conditions to support inflation returning to the target range within a reasonable period of time. Australia's recent inflation performance was better than expected at the time of the last meeting. The central bank board will continue to take the measures it deems necessary to keep inflation back to the target level in a sustainable manner; if necessary, it will further raise the cash interest rate target. Monetary policy is fully prepared to respond to changes in the situation, and the Monetary Policy Committee will focus on its statutory goals and work to achieve stable prices and full employment.