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The Reserve Bank has made it clear that it’s not a matter of if but when it will tighten the reins on its existing monetary policy.
In the minutes of the central bank’s May meeting, released yesterday, the bank acknowledged that higher interest rates would be necessary if economic conditions continued as expected.
“…members judged that if economic conditions continued to evolve as expected, higher interest rates were likely to be required at some point if inflation was to remain consistent with the medium-term target,” the minutes read.
The minutes also revealed the bank’s ongoing concern with the significant divergences between different sectors of the economy but it claimed its overriding intentions remain to set monetary policy according to the needs of the “overall economy”.
“Members agreed to continue to assess carefully the evolving outlook for growth and inflation at future meetings,” the board said.