June rate rise followed information suggesting greater upside risks to bank’s inflation outlook.

Some further tightening of monetary policy may be required, depending on how economy and inflation evolve.

Ambition is to navigate narrow path where inflation returns to target and economy grows.

Still possible to navigate, but it is narrow path and likely to be bumpy, risks on both sides.

Evidence indicates that higher interest rates are working and that inflation is coming down.

April CPI reading has not changed assessment inflation is trending lower.

Job at central bank is to make sure period of high inflation is only temporary; important we succeed.

Acknowledge interest rate effects felt unevenly across community, but not a reason to avoid using them.

If we had not tightened policy, the cost of living would be higher for longer.

Desire to preserve job market gains does not mean board will tolerate higher inflation persisting.

Path back to 2–3% inflation is likely to involve a couple of years of relatively slow growth.