RBA governor Michelle Bullock settles on $2m holiday home on same day as cash rate hike

RBA governor Michele Bullock settled on a luxury $2m holiday house on the same day the bank hiked the cash rate.

Ms Bullock and her husband Ian, who own two other investment properties, have settled on a four-bedroom home in Yamba in NSW’s Northern Rivers, about 130km south of Byron Bay.

They settled on the $2.05m home last Tuesday, the same day the RBA board hiked interest rates to 4.1 per cent.

Ms Bullock bought the home six weeks prior on February 3.

The home’s purchase was published in Ms Bullock’s declaration of material personal interests on the RBA website.

The Yamba holiday home is listed on the website as an investment alongside two Sydney investment properties and her primary residence.

“The lifestyle that Yamba has to offer is second to none, but what if you could combine the coastal beauty of Yamba with the sheer indulgence of finding the home of your dreams?” the home’s listing reads.

It comes as Ms Bullock warned that a recession was possible if inflation couldn’t be reduced.

“We don’t want to have a recession, but if it’s hard to get inflation down, then we’re going to have to deal with that possibly,” Ms Bullock said.

She said that was why the monetary policy board was so focused on reining in inflation to return it to the target range of 2-3 per cent from the 3.8 per cent it was sitting at now.

“The bottom line is that in the end, if we don’t have low and stable inflation over time, we won’t have full employment,” she said.