Reserve Bank of Australia board member Renée Fry-McKibbin has pushed back against claims that the central bank’s recent governance review urged policymakers to give inflation and unemployment equal weight. Writing in the Australian Financial Review, she said the commentary “mischaracterises” the review’s intent and attacks a recommendation the panel never made.Fry-McKibbin, who joined the RBA board in March after leading the 2022–23 review that reshaped the bank’s structure, noted that the report called for “equal consideration” of price stability and full employment — not equal weighting. That distinction, she argued, is critical: policymakers must assess both objectives, but they are not required to balance them mechanically in every scenario.She added that the appropriate emphasis will shift over time: inflation may take precedence in some periods, while employment becomes the priority in others. Trade-offs, she said, are unavoidable and must be acknowledged.Her comments come as the RBA manages a delicate policy mix. Inflation has shown signs of rekindling after three rate cuts this year, and unemployment has edged higher from historic lows. While the bank still describes the labour market as tight, it is monitoring jobs data closely as it keeps the cash rate at 3.6%.Market pricing implies only a slim chance of another rate cut soon, with most economists expecting easing to resume around May 2026. ---Her comments reinforce the RBA’s data-dependent stance and support market expectations that policy easing will be slow and back-loaded, keeping front-end AUD rates sticky and limiting near-term dovish repricing. This article was written by Eamonn Sheridan at investinglive.com.