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Australia's 10-year government bond yield has risen to approximately 4.87%, approaching its highest point in over two years. This rise follows signals from the Reserve Bank of Australia (RBA) that interest rates must remain at restrictive levels to address ongoing inflationary challenges. In remarks to the House of Representatives Standing Committee on Economics, Governor Michelle Bullock asserted that the central bank is vigilant in maintaining price stability. Continuous price inflation in the services sector and a resilient labor market are maintaining domestic demand, complicating any decisions on rate reductions. Governor Bullock stressed that the Board is not in a hurry to change its restrictive approach, especially after last week's unanimous decision to raise rates. Additionally, while there were significant gains in the two preceding months, household spending in Australia unexpectedly declined in December, indicating the sustained impact of high living costs and elevated interest rates.
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