RBA's Kent said there is currently no urgent need to convert FX reserves into other currencies.

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Kent portrayed this week’s pause as a hawkish pause rather than a dovish shift: policy is now restrictive and earlier hikes are working, allowing time to assess effects. The RBA has tightened 75bps this year, lifting the cash rate to 4.35%. He said current rates are near the upper bound of many models’ neutral-rate estimates; housing is clearly weakening and AUD appreciation is reducing import prices, both helping ease inflation. However, weak productivity is constraining supply, core inflation remains 3.6% (above the 2–3% target band), and upside risks persist, so the door to further tightening is not closed.