RBA Governor Michele Bullock testifies as the bank delays rate cuts amid steady inflation and weak growth.

Reserve Bank Governor Michele Bullock faces her first parliamentary hearing since Australia’s May federal election as the central bank weighs interest rate decisions amid cooling inflation and sluggish growth. With inflation near 2.7%—the upper end of the RBA’s target range—and unemployment stable at 4.2% despite a surprise 5,400-job drop, markets expect no rate cuts in September, with the next move likely in November. The RBA also continues pushing to eliminate card payment surcharges to boost transparency and competition. Persistent challenges include weak productivity and low capital investment, prompting government efforts, including a roundtable by Treasurer Jim Chalmers, though few actions have been implemented.