Reserve Bank of Australia Assistant Governor Christopher Kent has warned that the risks to inflation are “leaning very much to the upside,” raising the possibility of further monetary tightening. Speaking at Reuters NEXT in Sydney, Kent said the current 4.35% cash rate is restrictive and that earlier rate increases are already slowing spending, housing credit and economic activity. But he warned that “a lot of things” must go right for inflation to fall as forecast, including the Strait of Hormuz reopening in reasonable time and productivity growth improving.

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