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(Bloomberg) -- Australia’s central bank “will not hesitate” to raise interest rates further if there’s a material upgrade to its inflation outlook, new Governor Michele Bullock said, in her strongest reference yet to the threat of renewed price pressures.Most Read from BloombergAn Oil Giant Quietly Ditched the World’s Biggest Carbon Capture PlantChina Repeats Its View That Israel Must Protect CiviliansHostages and Hezbollah Force Israel to Rethink Gaza Ground WarNobody Wants Mutual Funds NowDisn

Petrol Prices In Australia: The Reserve Bank of Australia (RBA), has a target to achieve an inflation rate of 2-3% and will decide whether to raise interest rates to help reach that goal by 2025 at the next meeting of its board on November 7.

Despite ultimately keeping rates on hold, new RBA governor Michele Bullock considered another hike to the cash rate in early October.

The board of the Reserve Bank of Australia has a low tolerance for a slower return of inflation to the 2-3 percent target than expected, the minutes of the monetary policy meeting held on October 3 said Tuesday.

The board of the Reserve Bank of Australia viewed that further monetary policy tightening might be required to bring inflation to the target but policymakers assessed that the interest rate should remain unchanged at the July meeting to alleviate the risk of slower economic growth.