According to Jin10, Capital Economics senior Asia Pacific economist Abhijit Surya said the Reserve Bank of Australia (RBA) had only “slightly” softened its hawkish tone. Surya said the RBA reiterated that it would take whatever measures it considered necessary to return inflation to target, including raising the cash rate target further, but attached a condition that this would apply if “upside risks become a reality.” He added that, although the committee remained tough on inflation in its wording, it would not go as far as hiking again in this cycle.