Ella 
On Tuesday, following the November monetary policy meeting, Reserve Bank of Australia (RBA) board members decided to increase the official cash rate (OCR) from 4.10% to 4.35%.
Bullock, the ninth governor of the Reserve Bank of Australia, issued a monetary policy statement, the main contents of which are as follows.
The Board of Governors remains firmly determined to return inflation to target.
Inflation in Australia is currently expected to reach around 3.5% by the end of 2024 and reach the upper end of the 2% to 3% target range by the end of 2025.
The Board of Governors believes that an increase in interest rates today is necessary to ensure that inflation returns to target within a reasonable time frame.
Whether further tightening of monetary policy is needed to ensure inflation returns to target within a reasonable time frame will depend on data and evolving risk assessments.
Significant uncertainty remains about the economic outlook.
The continued rise in prices for overseas services has come as a surprise, and the same may be true in Australia.
So far, medium-term inflation expectations are consistent with the inflation target, and it is important that this remains the case.
High inflation is affecting people’s real incomes, household consumption growth is weak, and so is investment in housing.
Wage growth has accelerated over the past year but remains consistent with the inflation target amid faster productivity growth.
Information weights suggest that the risk of inflation remaining higher for longer has increased.
