Reserve Bank Governor Michele Bullock has warned that Australia's inflation challenge will persist, urging patience as underlying inflation sits at 3.4% above the target of under 3%. Major banks are forecasting the RBA will hold rates in March but implement a 0.25 basis point hike in May, while the official cash rate currently stands at 3.85%. The government and opposition are clashing over who is responsible for inflation, with debate centring on government spending versus private spending as the primary driver.

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RBA governor warns inflation patience needed

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