RBA governor Michele Bullock said on Tuesday that Australia\u2019s jobs market was still putting upwards pressure on inflation as the four major banks tipped a rise in interest rates next week.<\/p>\n
\u201cBetween 4.5% and 5% will probably take enough heat out of the labour market that eases pressure on inflation,\u201d Bullock told a Committee for Economic Development of Australia (CEDA) event in Sydney (ABC<\/a>).<\/p>\n Bullock also said that inflation from the global energy price shock should not be allowed to translate into domestic price increases that \u201cmight perpetuate ongoing inflation\u201d (ABC<\/a>).<\/p>\n Commonwealth Bank and ANZ joined Westpac and NAB on Monday in predicting an interest rate rise next week, instead of at the next meeting in November. ANZ is tipping a rate rise after both meetings (AFR<\/a>).<\/p>\n The RBA governor also said at the CEDA event that AI could be a bubble and there was no evidence it is making the economy more efficient (The Guardian<\/a>).<\/p>\n \u201cSome people think it\u2019s a bubble, some people don\u2019t. I don\u2019t have a particular view one way or the other, but it\u2019s a risk that I think we\u2019re watching\u201d (The Guardian<\/a>).<\/p>\n