Speaking at the Anika Foundation Fundraising Lunch in Sydney on Tuesday, Reserve Bank of Australia (RBA) Governor Michele Bullock said that the “key question is whether tightening already delivered is enough to slow inflation.”

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Board ready to raise cash rate further if needed.

Policy operates with a lag, so full effects of this year's rate increases yet to be felt.

Best contribution policy can make is to maintain low, stable inflation.

Some further easing in growth of demand likely to be required to bring inflation down.

Some further easing in the labor market will likely be required.

Economy overall has adjusted gradually and broadly as expected.

Policy can’t address the economy’s slow productivity growth.

Underlying inflation has evolved as expected, but still too high.

Hearing from business that non-labour cost pressures continue to pick up.

Housing market has eased by more than we had anticipated.

Demand growth appears to be moderating broadly as expected in May baseline forecasts.

Remains too early to assess the full economic effects of the oil shock.