Reserve Bank of Australia Governor Michele Bullock has reinforced that curbing inflation remains the central focus as the board prepares for its upcoming policy meeting.

During a parliamentary hearing, Governor Bullock stated that at the meeting, scheduled in just over a week, the RBA board will assess whether the current tight monetary policy settings are sufficient to return inflation to the target range within a reasonable timeframe.

While acknowledging that elevated interest rates place significant strain on mortgage holders who are also grappling with rising living costs, Bullock emphasised that suppressing inflation is paramount. She noted that monetary policy possesses the flexibility to adapt should economic conditions shift, with the RBA's primary objectives firmly anchored in maintaining price stability and supporting full employment.

The next official monetary policy decision is slated for release on 29 September.