Michele Bullock: Monetary policy in an era of shocks
Speech by Ms Michele Bullock, Governor of the Reserve Bank of Australia, at the Anika Foundation Fundraising Lunch, Sydney, 28 July 2026.
Source: BIS Central Bank Speeches
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DW NOTE
The RBA Governor is giving a speech about supply shocks in July 2026 — two months after Iran closed the Strait of Hormuz for the second time, stranding 2,000 ships and cutting global oil supply by 4.3 million barrels per day. She calls this "disrupting energy markets" and frames it as emerging risk rather than ongoing catastrophe. Australia imports zero oil through Hormuz, so Bullock can afford the understatement. The U.S. cannot.