Australia news live: Bullock warns more hikes possible after RBA holds rates; two arrested as police investigate Dezi Freeman’s movements

Three interest rate hikes this year “are tough for households”, the Reserve Bank governor, Michele Bullock, says, as she warned it could “take some time” for oil to begin flowing freely through the strait of Hormuz again despite the announcement of a ceasefire. The RBA monetary policy board held rates steady at 4.35% today, as widely expected. But as in the statement accompanying that decision, Bullock warned that the bank could still hike again. She said: double quotation mark I want to be very clear that inflation remains too high. Today’s decision does not rule out further tightening in monetary policy if that is what is required to bring inflation down. Leaving rates on hold today will allow the board to assess how these previous increases are flowing through the economy.” She told assembled journalists that “reports that an agreement has been reached to end the conflict in the Middle East are welcome”. double quotation mark If the conflict does end and the strait of Hormuz is reopened, this should support the flow of commodities and lower prices. But this could take some time, and an orderly resolution is still not assured, meaning there are still upside risks to inflation and downside risks to growth.”