By James Glynn
SYDNEY--The Reserve Bank of Australia will take into account a wide variety of data sets ahead of its August policy meeting, and won't determine its next move based on just one bit of information, the central bank's deputy governor told a conference of economists.
"There is a lot for us to reflect on ahead of the policy meeting in August," Andrew Hauser said in response to questions that followed his speech on Thursday.
"There's a whole series of data coming out between now and when we meet in August...it would be a bad mistake to set policy on the basis of just one number, and we don't intend to do that," he added.
The comments follow news on Wednesday of an upside surprise in Australia's monthly inflation indicator, which has prompted a number of economists to forecast a further rise in the official cash rate at the RBA's August policy meeting.
The RBA will get critical updates on the labor market and the retail sector in coming weeks, and will see second-quarter inflation numbers just ahead of the policy meeting.
Write to James Glynn at james.glynn@wsj.com; @JamesGlynnWSJ
(END) Dow Jones Newswires
06-27-24 0654ET
