Reserve Bank of Australia (RBA) Governor Michele Bullock speaks at the Anika Foundation, in Sydney on Thursday. An audience Q&A session is set to follow.

Key quotes

It is premature to be thinking about rate cuts.

As of now, board does not expect to be in a position to cut rates in the near term.

Our highest priority has been and remains to bring inflation down.

Board remains vigilant to upside risks to inflation.

Our full employment goal is not served by letting inflation stay above target indefinitely.

Substantial uncertainty around central outlook, with risks on both sides.

If circumstances change, the board will respond accordingly.

Labor market remains relatively tight, expected to ease gradually.

Labor cost growth strong reflecting wage increases, weak productivity.

Key drivers of elevated inflation are housing costs, market services.

CPI rents inflation is likely to be high for some time.