Michele Bullock: Monetary policy in an era of shocks
Speech by Ms Michele Bullock, Governor of the Reserve Bank of Australia, at the Anika Foundation Fundraising Lunch, Sydney, 28 July 2026.
Governor Michele Bullock of the Reserve Bank of Australia addressed the Anika Foundation Fundraising Lunch in Sydney on July 28, 2026. She began by recognizing the Traditional Owners of the land and paid respect to Aboriginal and Torres Strait Islander people present. This was her third year attending the event as Governor.
Bullock highlighted the Foundation's significant work in advancing youth mental health in Australia. She noted that supply shocks, a recurring feature of the global economy in recent years, had become more frequent and impactful. These shocks originated with the COVID-19 pandemic, followed by the Russian invasion of Ukraine causing energy price spikes.
As earlier disruptions subsided, new risks surfaced, including the Middle East conflict disrupting energy markets, severe weather events affecting production and trade, and ongoing trade tensions adding uncertainty.
Bullock discussed how these recent global developments are affecting Australia and placed them in historical context by examining the oil shocks of the 1970s. She emphasized that while the world has been more prone to shocks recently, the economy has grown more resilient. The adoption of credible inflation targets by central banks, aimed at keeping inflation low and stable, has played a crucial role in enhancing this resilience.
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