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Reserve Bank of Australia Governor Michele Bullock signaled that further interest rate cuts may be delayed if consumer spending continues to accelerate, warning that stronger demand could pose risks for inflation. Her remarks came after Q2 GDP data exceeded expectations, showing signs of resilience in household consumption following a prolonged period of caution amid high inflation and rising borrowing costs. “We are seeing it come back, and that’s welcome. We’re seeing the private sector start to demonstrate a little bit more growth now, which I think is positive,” Bullock said. While acknowledging that the figures were stronger than anticipated, she noted the outlook for monetary policy remains uncertain. “That’s good, but it does mean that it’s possible that if it keeps going, then there may not be any interest rate declines yet to come. But it all depends,” she added.