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Bullock said the Reserve Bank of Australia has seen signs its rate hikes are starting to work and reiterated the Monetary Policy Committee will take necessary steps to meet its mandate. The RBA hiked at all three meetings this year, lifting the cash rate to 4.35% to curb resurgent inflation. Bullock warned the Middle East conflict could cause an energy shock and prompt second-round inflation. He said the housing market is a rapid transmission channel for policy and has softened, partly reflecting tighter policy. Money markets price a June pause, about a 50% chance of an August hike and a fully priced-in move by December.