Michele Bullock rules out linking interest rates to employment in first major speech

New RBA governor says she’s working with treasury to ‘modernise and clarify’ the bank’s objectives with the focus still on inflation

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The RBA has ruled out setting an employment target, as it does with inflation, to guide the adjustment of interests rates, Michele Bullock said in her first speech since becoming bank governor last month.

In a talk on “complementarities and trade-offs” to a Sydney conference on Tuesday, Bullock fell into line with the Albanese government, saying the RBA had always had a twin mandate of achieving full employment alongside low and stable inflation.

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