RBA Governor Bullock says need to think carefully on policy; recent data have been mixed with some softening; need to see more progress on underlying inflation; did not discuss rate cut or rate hike

Do not know if RBA will cut rates in February, will have to watch data - wages and demand are slowing.
Discussed that upside inflation risks had eased but not gone away.
Some inflation pressures remain.
Some data has been a bit softer, but inflation elevated.
Level of demand is still too high.
Change in wording of statement is deliberate.
Board has noted that data has been softer.
Have a little bit more confidence on inflation.
Board feels economy pretty much in line with forecasts.
Do not need two or more quarterly inflation prints for change.
Will be watching all data including employment.
Do not want to endorse market reaction, but not surprised by reaction.