Reserve Bank of Australia (RBA) Governor Philip Lowe is speaking on "The Reserve Bank Review and Monetary Policy" at the Economic Society of Australia Business Lunch, in Brisbane.
Key quotes
Possible some further tightening will be required to return inflation to target.
Remains to be determined whether monetary policy has more work to do.
Complex picture on inflation, significant uncertainties regarding outlook.
At aug meeting, board will have updated economic forecasts and new data.
There has been a "significant and rapid" tightening of monetary policy.
Very conscious monetary policy operates with lag, full effects yet to be felt.
Economic growth to be subdued over next couple of years, will take time for inflation to return to target.
Determined to return inflation to target within reasonable timeframe.
Rba board to make changes based on independent review.
From 2024, the board will meet eight times a year, rather than 11 times.
Board meetings to start on monday, conclude at usual time on Tuesday.
Post-meeting statement announcing the decision will be issued by board, rather than governor.
Rba governor will hold a media conference after each board meeting to explain decision.
Quarterly statement on monetary policy will be released at same time as policy decision.
Current board structure to remain as is.
RBA board to decide on some review recommendations at a later date.
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