Australian shares rose after the Reserve Bank of Australia’s Bullock said prices would remain steady.
Australia’s ASX 200 rose 0.3% after Reserve Bank of Australia Governor Michelle Bullock said monetary policy was sufficiently restrictive and would remain at current levels until the bank was confident inflation was falling.
Bullock said uncertainty about the US economic outlook would make the RBA cautious, while also pointing to the risk of inflationary policies under Trump.
Bullock’s comments came as labor data showed Australia’s labor market growth slowed in October after six straight months of strong increases. A cold labor market is also dampening inflation expectations.
