Michele Bullock's unwelcome message on rates is only half the story
Michele Bullock navigated the media smoothly on Tuesday at the Reserve Bank’s 45 minute post-interest rate decision press conference. But there was one moment where she looked a little strained.
There was only one moment in the RBA's first post interest rate decision press conference where Michele Bullock looked even the slightest bit uncomfortable.
She had been asked by a journalist about what interactions she has had with Australians struggling with higher rates. She took a deep breath and answered the question, rattling off the various community and mental health organisations the Reserve Bank engages with formally, and revealed she was hearing directly from Australians herself.
“I read those letters, and I understand those issues,” she said.
Bullock didn’t go into further detail about this direct correspondence from members of the general public who have faced 13 interest rate increases since May 2022. But she didn’t lack empathy nor seem out of touch, which rightly or wrongly, was a criticism that haunted her predecessor Philip Lowe.
She avoided any awkward faux pas and landed several key messages in front of more than 20 journalists from across the media landscape (among them The Daily Telegraph, the AFR, The Australian, Nine’s broadcasting arm and metro newspapers, niche financial titles and, of course, Capital Brief).
