Reserve Bank of Australia board member: Long-term inflation expectations are rising, strong actions are needed to prevent de-anchoring
Golden Ten Data reported on June 2 that Ian Harper, a member of the Reserve Bank of Australia's board, stated that Australia's long-term inflation expectations have risen slightly. Currently, financial markets expect consumer prices to remain above the Reserve Bank's target for an extended period, which marks a shift not seen in years. Harper said at an event of the Committee for Economic Development of Australia in Melbourne on Tuesday: "Inflation expectations matter, and people are concerned about the longer-term outlook. If there is a risk of long-term inflation expectations becoming unanchored, as we say, then strong action is needed." Harper is one of the nine members of the Reserve Bank's monetary policy committee that votes on interest rate decisions, and this was his first speech since taking on the role.
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