Reserve Bank of Australia deputy governor Andrew Hauser says ‘toxic’ high inflation must be pushed lower

New Reserve Bank of Australia deputy governor Andrew Hauser says it’s vital for central banks to move quickly and firmly to push inflation lower — because high inflation at its worst has caused genuine breakdown in society, including war.

Mr Hauser has also reinforced that the RBA’s job is to solely focus on fighting inflation by pushing it back to target, rather than a certain point for interest rates to be at.

“Our target is not a particular level of interest rates. It’s a particular level of inflation,” he said.

Speaking on Friday in his first public comments since taking his position in February, the former Bank of England official also agreed it was dangerous for central bankers to make predictions about the future course of interest rates.

Mr Hauser said the way high inflation infiltrated into everyday life and every decision people made was “incredibly toxic” and something everyday people could not control.

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